let's remember, let's redefine opec+ as the opec we know, now plus russia.ere is an international stew where you go nothing is going to get done, but what about domestic? jonathan: we are down about 1% on the day. lisa: will they actually call opec+? i don't know how serious to take this. jonathan: i've got no idea. one hour away from and inflation report in america. not sure if you should think about the issues together or not. yields higher by a basis point or 2, 1 .36% on tens. on radio and tv, this is ♪loomberg. ♪ comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to cha

is opec going to let a supply glut happen?don't think opec on its own would let a significant oversupply low will -- significant oversupply lower oil prices next year, but we also have a different outlook for next year. we think demand recovery will be more robust and sustained through next year, and the supply side is increasingly showing signs of underinvestment, so in our outlook, 2020 do -- 2022 is still a tight oil market that requires normalization and spare capacity with i think risk that supply actually disappoints and keeps the market quite tight next year. guy: opec doesn't sound like it is ready to make that decision quite yet. what is going to prompt it to do so? at the moment, it sounds cautious. damien: and it is the right reaction. remember, they agreed to the increase in production in mid-july. since then, the demand news has been worse. to account for delta, and to account for how the companies dusty countries with low vaccination are more aggressive in locking down, this is not the time for them -- how the co

the biden administration calling on opec, opec countries, and u.s.egulators to do more to ensure stable energy supplies with a focus on what people pay put gasoline in their cars. the president speaking earlier. pres. biden: we are taking action to address gas prices. today gas prices are lower than they were earlier in this decade, but still high enough to create a pinch on working families. romaine: he is right, 3:18 dollars is the average, well above a couple of years ago but well below longer-term averages. let's bring in the leader of bloomberg oil analysis. give us a sense of what the u.s. government can do to pressure foreign governments contribute to drop in our gasoline and oil prices. >> oil and gasoline markets are in a bit of attention. prices have been rising, crude oil and gas prices at the pump, which the administration is focused on. this is largely due to americans getting back on the road. gasoline demand is nearly back to pre-covid levels. the question is, how do you make sure supply catches up? the administration has only so much

president put pressure on opec to give way to the opec members that want to increase the amount of productionh spot. when the price of gas goes up. people think this is the president's fault but it's because of u.s. policy that is not correct. the economy back people than people thought it would. we have restriction of supply and the demand is too high. >> brian, we killed the pipeline. that cost thousands of jobs. this doesn't make sense. to kill a pipeline and ask for help. >> and the difference between president bush and clinton and others who said start pumping more. you had a guy 2 days prior ride around in a electric car and we will make the combustion engine old news. if you go to texas where they have leases in new mexico and they can't drill there because it's federal land. they destroyed that industry. austin, if you say we are drilling at the same rate, i have not checked the barrel rates today but i have seen a lot of crashing. you have no right to talk to opec 2 days after telling everybody that oil and gas are destroying the world. now asking for a favor. >> that's a great fount

i have promised you headlines from the opec monthly report.orecast for demand in crude i need 2022 by 1.1 million barrels per day. opec seeing the oil market hiring in the second half of 2022. for the first half of 2022, opec will be over supplying world markets in the first have of 2022. crew down .25%. this is the opec monthly report, the iea reports, pushing back against what we heard from the administration yesterday, that opec-plus needed to pump more to alleviate the stress in the commodity market. tom: it is very tight microeconomics. this is not what we perceive. little moves make a huge difference. and morrison and jeff curry, which is little moves, is very much demand centric right now. jon: crude is $69.10. lisa: it highlights -- i don't want to say the absurdity but the absurdity out at this moment because oil prices have been on a downdraft. a lot of people have been saying the same thing, the delta variant will slow demand. jon: that was a lisa classic. i don't want to use the word but i will use the word. [laughter] lisa: i try.

i want to look at the opec-plus.the reasons oil closed lower today, crude oil in the u.s. is expectations that they will boost out but there is this mixed bag of forecasts. >> going into this, they put out a forecast they believe the global oil markets are going to continue to tighten in 2021, even as the opec producers put more oil out on the market and when we get to 2022, they see a flip into surplus all over again. this data was said to be presented at the joint technical community gathering before an expected decision. that will certainly allow opec producers to feel comfortable with it. they are expected to proceed with a widely agreed-upon output increase in october. opec would be adding 400,000 barrels per day under this agreement and the forecast is the decline will be an average rate of 800,000 barrels per month. short-term would not make much of a difference. even if the group can't fully restore until now, they have a lot of options here but if you look at the way oil has been trading as they count down t

. >> jen, a question about opec. the white house is pressing opec to produce more oil. have you gotten a response from saudi arabia about that request? ms. psaki: well, first i would say this is just an outreach that's just happening over the last couple of days, but it's also ongoing and something that isn't new, as of today or even as of yesterday. we've had ongoing engagements. i know we talked about this just a couple of weeks ago when we were especially concerned or where there -- when there ope- -- discussions with opec-member countries happening, even though we're not a member of opec. so the steps that were announced this morning, which include -- as you referenced, jeff -- national security advisor jake sullivan putting out a statement about how white house officials are continuing their engagement with relevant opec members on the importance of competitive markets and setting prices and doing more to support recovery, it also includes a letter that was sent from our nec director, brian deese, to the ftc to consider -- encourage them to consider using all of it

they failed with opec. to think that we are back to negotiating with opec, that's how we got into the middle east years ago, because we needed the energy. and we went into the middle east and we protect countries because we needed the energy. we did not have to do that anymore. we were energy-independent, and know those wells are shut down and those jobs are gone, and keystone, the number 48,000 jobs, not 8,000 jobs, the people -- and they lied in the campaign, because biden never talked about closing up keystone. he said we will look at it, we will look at it. they were lying, because it was almost the first day that they closed up keystone, and those workers are devastated. and the head of the union, they all support me, but the head of the union supported joe biden and they ought to throw him the hell out, because he was worthless, because look what happened, but they lied about so many things. they lied about energy, they lied about keystone, they lied about the military, they lied about so much. our co

let's start off with the latest on opec and france. what did we hear?xpecting oil markets to continue to tighten this year, even as they are expected to boost output. they think that situation is going to flip and 2022 -- in 20 22 and end up with a big surplus. it is also expected to allow open producers to feel comfortable with their expert the decision to proceed with the output increase in october. it would be adding 400,000 barrels a day each month. they are forecasting inventories to fall by an average rate of 800,000 barrels a month. even so, what we are seeing here is oil holding steady, as asia trading opened. we saw pullback in the west texas intermediate prices to end the month down with the biggest monthly loss, down about 7% for the year. also, if we drop into the bloomberg, we can see in the wake of hurricane ida, natural gas prices have been surging in the wake of the disruption. we are also seeing gasoline prices at the pump move higher, in anticipation of a drop in supply, gas prices expected to be a four-year high. one of the reasons we

now we encourage opec to pump more. >> opec, you think of the '70s.happened under the carter administration the one term because inflation was out of control. american hostages in tehran so carter was blown out by reagan that year. why doesn't the president answer questions around this? the president hasn't done one, one-on-one interview in more than 90 days. took questions earlier from a press conference. but a u.s. presidential candidate who earned more votes than anyone in history is afraid of the press and won't sit down with chris wallace to answer hard questions. he doesn't get hard questions out of peter doocy. why are you hiding the president? >> let's go back to the numbers you mentioned in the fox news poll. i have handy graphics to help people follow along. when the president's approval ratings are like this why isn't the media from the mainstream media that his policies are back firing? >> one would think. i am see something cracks now in places that are normally sympathetic to the president. like the "washington post" they slammed the pre

let's send their money to opec. this government junk. liz:ce the white house knows tht rising gas prices are politically dangerous for any white house and pitting the presidents approval ratings. you and i covered this during the 2008 recession. >> that thing the biden administration knows they are in trouble and that's the reason for this disjointed policy. this is the clearest time that the biden energy policy is failing. it's's failing because they were short-sighted. they were to pollyanna on how quickly we could get out out the fuels and they have taken investment from traditional fossil fuels. they put it into alternative fuels that have a lowerr return rate but we need the energy now come energy that our producers could have bought on line bright now and brought prices down but the biden administration is still telling them to stand down. not only did they ask opec for more production they came out and said no we have not asked u.s. energy producers to more nor did they ask their friends in canada which is a big slap in the face t

this is probably what opec is looking at more closely.i: let's take a step back away from these regions, but as a whole, the consensus -- do we have a consensus what the balance looks like to the market at this moment? >> it looks like holding at the moment. china particularly is being washed with concern. handling outbreaks with aggressive lockdowns. the country's overall significance in the oil demand picture. there is some consensus the impact on oil may be short-lived. for example, a cut in the demand forecast because of the outbreak. there are also markets such as the eu and america that should have more moderate impact. dani: goldman using the word transient when it comes to oil is cutting a lot. coming up the u.k. is set to clear a third dose of covid vaccine as the delta variant spreads. that story next. ♪ comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of techno

the opec meetings have been kind of rote. they've had these monthly virtual meetings at some point they've announced they will add, and of course had the fight with the uae, is now the time you think they will add more barrels to the market or do you believe they will sit tight, wait and see where demand goes through the fall and winter to make sure we don't get another surge, potentially more slowdowns in the economy >> well, opec is very worried about delta, and it should be. there is today more than 500 million people worldwide still in lockdown, about 90% of that 500 million are in asia. so opec is watching very closely what is happening in thailand, vietnam, malaysia, indonesia, philippines, even china to some degree we know that opec has a roadmap for normalizing supply by september of 2022. you know, the situation today withdelta is, you know, somewhat better than it was when they last, you know, modified this plan about 60 days ago. so all things being equal, the most logical thing is just to keep implementing what th

> this is pretty simple in my eyes i believe the white house is doing the correct thing and asking opecon was decreased by 10% so now that we are in recovery and very strong economic recovery not just the united states other parts of the world as well i think the white house is correct and asking opec to increase reduction to get back to prepend him a reduction level so the consumers of the united states and other places around the world are not having to pay and like los angeles $5.5 per gallon unprofitable. james: if you think this is an urgent need isn't that what you want higher oil prices to drive people to alternative energy? >> i think there's other ways to get to alternative energy. and i think that were headed in that direction. but until were there were going to have to have this continued reliance, that's our reality and while were there we need to do these kinds of efforts in the white house is doing and asking for production let's bring the prices out of the pump. james: lizza looks like the president wants to settle americans with a lot of cost for this green energy transi

that is where we could see opec-plus walking back on their easing schedule.potentially, we could see them decide against increasing output in 2022. david: i want to ask about inflation. will costs go up? if i drag my coffee and i like it with sugar, will that go up, too? >> coffee and sugar, there is potential. we have had terrible weather conditions in brazil. we had drought conditions. that was followed by frost in a lot of the growing regions. if we look at something like sugar, we are seeing some pretty steep provisions to the brazilian crops. that does lead to show the market quite tight in q4 and going into q1. so for 21-22, we expect to see sugar markets in deficits. that should be supportive of prices. looking elsewhere, grains, corn, soybeans, we see the value on the upside, given the track. if you look at stocks for 2021, 20 22, they will edge higher on the back of increased production from the u.s.. yvonne: we don't have much time left. what is your view on gold after the crash we saw earlier this week? your best and worst performers for the rest o

e and other opec plus members. the white house says the agreement by opec plus members to increase production 540-0000 barrels per day on a monthly basis, beginning of august, is quote, simply not enough and could have negative effects on the global economic recovery. as of may gas prices in the united states rose above $3.00 per gallon for the 1st time. in 2014 prices are up just over $1.00 over the last 12 months. it should be noted that over the last week, oil prices have continued to fall as increased numbers of delta. various cases have weighed on demand and the latest data is in and inflation continued to rise in july. but it cooled off just slightly compared to the month before the consumer price. index report shows annual inflation hit 5.4 percent and july point 5 percent from june. but the previous increase was point 9 percent marking the largest month to month drop and over a year. so what does this mean for us consumers and how are they being impacted by the rising prices? well, joining us out of this, j

. >>> more oil, please what the white house is asking opec for help. >>> a potential first for janetellen as the biden administration may send her to china. and we will talk about another potential round of lockdowns in new york it's thursday, august 12st this is "worldwide exchange. good morning, good afternoon, good evening welcome from wherever in the world you are watching i'm brian sullivan here is how your money is setting up the day stock futures are mixed. it came off a nice day for the dow. up more than 200 technology slid. dow futures up 56. if you are counting at home, it was the 46th record close for the s&p 500 in 2021. wow. it is only mid-august. here is how crypto looks another strong run for bitcoin and ethereum lately. right now, bitcoin down. ethereum down 4% bitcoin and ethereum have been red hot the last couple days >>> checking oil a touch lower. this after president biden called on opec plus to raise production as gasoline prices rise across america. we will talk more about that ahead with the head of the pet petroleum. >>> first, let's get to the latest in euro

oil prices are on the rise ahead of an opec plus meeting this week, which we'll focus on the state of output straight ahead. we take a closer look at what the cartel may do as a member state warns of demand issue. due to the delta vary, add us torres could soon be borrowed from the european union once again. now that the summer travel season is drawing to an end, we'll bring the latest on the decision from brussel. then we had the world of regulation as some of the largest economies of asia are set to crack down on big business. later on, we take a look at the wave of anti trust issue. we have. so today, let's get to it the and we lead the program with the future of oil production at the surge in coven 1900 delta variant cases, way on demand. opec plus members will meet wednesday to discuss the cartels policy, including an agreed increase of 400000 barrels per day over the next several months . but co weights oil minister isn't sure the increase will be sustainable in the current climate telling reuters quote, the market. they're slowing since colbert 19 has begun. it's 4th wave. in s

- white house might lead on opec-plus.rie: we did see one senator from utah in the middle of the night come in with some props, saying how does inflation affect you, and gasoline was alongside milk and bread, but we have seen advisors get out ahead of this. there was a memo yesterday alongside of the passage of this bill in it chamber about the bipartisan info structure and looking ahead to the reconciliation package, saying to kind of ease concerns of democrats about inflation, saying that they do see it to be transitory, and that actually this type of spending can help some of those supply issues we are seeing, but they were sticking to the line, and they were even naming former treasury secretary larry summers, which we have seen republicans try to pass on the fact that he had been calling about high inflation, but they were saying that even he agrees this is an historic and needed funding. so we have seen the white house get ahead of it, because i have to say this is all republicans want to talk about. i have been spea

oh, let's send our money to opec. it is just, it is dumber than dumb.zabeth: phil what do you think about it? the white house knows that rising gas prices are the most politically dangerous for any white house. it is hitting the president's approval ratings right now. you know, you and i covered this rising gas prices and oil prices helped spur on the 2008 recession. it hurt nixon and carter in the past. what do you think about it? >> i think the biden administration knows they're in trouble, that is the reason for this disjointed policy. this is a clear sign, liz, that the biden energy policy is failing. it is failing because they were short-sighted. they were too pollyanna how quickly we could get off of fossil fuels. they have taken investment from traditional fossil fuels. they put it into alternative fuels that have lower return rate but we need the energy now. energy that our producers could have brought online by now and brought prices down but the biden administration is still telling them to stand down. not only did they ask opec for more produ

calling on saudi arabia and opec to produce more. ♪.ggling vehicle sounds) think premium can't be capable? think again. ♪ (energetic music) ♪ ♪ ♪ ♪ ♪ introducing the first ever at4 lineup. premium and capable. that's professional grade from gmc. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq like you i'm not always on my game. but lately, my uncle is, especially with his type 2 diabetes. with once-weekly trulicity most people reached an a1c under 7%. plus it could help you lose up to ten pounds. trulicity is for type 2 diabetes. it isn't for people with type 1 diabetes. it's not approved for use in children. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain,

lisa: what is the idea price -- the ideal price for opec+ members?i think it varies from member to member, but saudi arabia would like to see it in the high 60's, mid 70's. by the time you get to 80, i think they start to worry about too high prices impacting demand, and below that it can start to cause some financial issues. jonathan: ellen wald of the economic council -- the atlantic cancel, the senior fellow. let's bring in bloomberg's -- the atlantic council, the senior fellow. let's bring in bloomberg's mike mckee. michael: if the economy sees some slowdown from the delta variant, we are going to see perhaps inflation write a little bit slowly, and that is what people want to find out. that is the forecast, 0.5 percent for july compared with 0.9% in june. tom: do you see the partitions so you can calculate of these other fancy te -- fancy statistics like cleveland and dallas? michael: we will have those a little bit later today if you want to. jonathan: tom knows the dallas numbers, they are not going to make the front page. how important is it

of course, we are waiting for the opec plus meeting.see more supply added to the markets. that could take pressure off prices. haidi: yep. looking like an expensive day when it comes to gasoline supplies. let's bring in our next guest, that says hurricane ida could lead to four to six weeks of downtime. joining some houston is andrew lipo, the president of lipo oil associates -- lipow oil associates. now that we know the extent of the damage roughly of ida, give us your damage assessment. >> well, what we know right now is about eight refineries in the baton rouge-new orleans area, representing 12.5% of the nation's capacity have been shut down and he shuts down -- these shutdowns are due to problems the electric grid as well as wind damage at the refinery itself. what we've saw in august of 2020 one category 4 storm hit the gulf coast, those refineries were down to six to eight weeks, due to wind damage and the inability of the local utility to get power restored for several weeks. as a result, i am estimated for most of these refineri

not affect the cuts that opec imposed in january. this is simply not enough. bloomberg washington correspondent annmarie hordern has more. is this going to work? annmarie: it is a very good question. the timing is interesting because we are not due for an opec-plus meeting in about 20 days or so, and the group just met. as they pointed out in the statement, they decided to bring back some of that production during the pandemic, to the tune of 400,000 barrels a day. in increments. what is also interesting is that this came hours before the ppi report, and i spoke to bob mcnally, a former bush energy aid, and he said this is putting the biden administration under pressure at home with inflation and the galloping gasoline prices being the most visible for consumers. this does seem to be a domestic push. one russian official i spoke to said that it was not polite to get involved in other people's discussions. we are polite people, and what they see right now is that demand is fully satisfied. guy: thank you very much indeed. interesting

. >> sean: now we are begging opec to produce more oil. we'll get to that with rick perry in the second. last question. we know about obama and biden's deal with the iranian mullahs and cargo planes full of cash and other currency. now we pressure the south koreans to give the mullahs in iran the $70 million. can you think of any good reason why anybody would do that and we see even more enrichment of uranium? >> we prevented that very $70 billion from being transferred from the south koreans to the iranians. it was the right thing to pressure the iranian regime, it protected the state of israel, the gulf states to enter into the abraham accords. i was going to try to buy out the mullahs like we buy out the taliban. this is bad foreign policy. >> sean: it's finally great to have an adult way and on foreign policy. i worry for our country. thank you, sir. according to fox news, a new poll, a whopping 50% of democrat voters in this country have a positive view of socialism. okay. is anybody really surprised? this is the new green deal party,

washington coming up, oil prices continue to fall just as opec water starts to increase his output for take a look at how the latest drop in demand is having an impact on the industry. what could europe reverses? paul is the allowing travel from us tour will bring you a live update from one of the countries requiring a green pass for indoor activity. and china's economic recovery has begun to slow down as inflation and the delta various take it for. later on, we'll go into the data and what it mean for the global supply chain. we impact show today. so it's dive right and we leave the program with oil as prices continue to fall monday, due to uncertainty surrounding the increase in new cases of the coven, 1900 delta. very both brent crude and west texas intermediate slate as much as 4 percent and point throughout the day following last week. losses of more than 7 percent the worst week for oil since october of last year. one major factor taking a toll on the commodity is demand china, the world's largest oil importer and 2nd biggest consumer. so the imports of $9700000000.00 barrels per

opec meeting tomorrow. brian, great to see you we'll be watching "half time report" later on today thanks for the update. >> thanks. all right. >>> when we come back, the story on the front cover of newspapers across the country this morning. u.s. departing afghanistan officially ending america's longest war. we'll talk about the geopolitical landscape with retired u.s. army brigadier mark k k kimmit that's next. what happens when we welcome change? we can transform our workforce overnight out of convenience, or necessity. we can explore uncharted waters, and not only make new discoveries, but get there faster, with better outcomes. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change-- meeting them where they are, and getting them where they want to be. faster. vmware. welcome change. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with inv

so i guess we are not really going to see that from opec loss given this latest -- opec-plus given thisa: yeah. i think opec-plus has generally adopted an overly cautious tone, which has been quite evident this year under very clear saudi leadership. i do not see the balance of power between hawkish saudi arabia and a dovish -- saudi arabia has been very much in control, and it's set a very cautious tone when it comes to tapering. now with worries over how the second half of this year demand pans out, let us all acknowledge what we know about delta today doesn't necessarily set the course for the rest of the year. we're entering the northern hemisphere winter, which is the flu season. we might see europe go into slightly stricter restrictions. i think opec will be inclined to be very cautious. i might say they even would look and the other direction of what the u.s. would do in putting more oil into the market, maybe even contemplate stepping back a little bit on their tapering plans. i think it is very clear the alliance wants to keep the market tightly balanced. even perhaps a little

this administration going back to opec, all they are doing is circling the wag yons.id look, we can do our own energy. we had it going on the whole time. donald trump had america first, the american workers first, the oil and gas first. it didn't matter what you did, you had plenty of jobs. there were thousands of families hurting out there. we have it right here at our fingertips. why not use it? why? i cannot figure this. this beats anything i have ever seen about american president. there is something that is totally wrong with this administration. >> dana: what do you hear from your friends, colleagues, workers? it seems to me that no one is listening to common sense. >> that's the truth. everybody that i know they are fishing. that's all they've got to do. there ain't no work. all we're doing is sitting here on hold. we haven't been able to work for our family and biden says he is a big union man. i have been a member of the pipe fitter union. he got us nothing. we can't go on our pensions. our insurance. this man don't have a clue what he is doing to the america

begging opec to produce more and we are watching they are trying to cheat in elections, inflation, a number that we have not seen. this is jimmy carter on steroids and this is just 8 months into the administration. i will promise you this just as we have done each and every day. we will fight just as we are going to fight this week and we will win and the next century will be the american century because we know how the govern. maria: all right, i like that promise. real quick before you go, you and your colleagues came back early from cay vagues to vote tomorrow, what does this week look like, is joe biden's economic agenda going to get blown up as a result of this massive mistake in afghanistan? congressman: i hope the focus of congress is just on the thousands of americans who are in afghanistan right now to make sure we protect the servicemen and women that bring them home. instead of listening to nancy pelosi saying she's having a conversation with the president about election law, why are they protecting the border from those 5,000 prisoners who have just left afghanistan and h

and you're going to see that opec plus is going to deliver more barrels of crude in the short term. and i think the violent ministration made that plea so. so i think you're gonna probably see that us producers are not going to have much. i think power and as far as demanding much more higher prices. great. and that as always, add more of a landa. thank you so much for your time today. thank you. and after a sobering, last few months, bitcoin is headed back up with the world's largest crypto current fee hitting $50000.00 on sunday to reach a more than 3 month high. bitcoin hit an all time high over $64000.00 in april, but sold off heavily in june and july, even dipping below $30000.00. this as so many people in places like afghanistan are making a real world experiment of crypto currency. jonathan, discuss those story that boom bus co host and crypto analysts, ben swan and chris, the i. christy, i want to start with you here. what is driven bitcoin latest rise back about $50000.00? several things. big coin initially dropped from the all time highs, mid a slew of bad news. so we had