that is the opec and opec plus dialogue going on at the moment.hat is happening with the global economies our s&p global forecast is for 2.1 million barrels a day of demand growth and into the third quarter, we expect to see crude trending more toward the $90 barrel range that is because of seasonal factors which will be a pattern more into the month as the may data begins to be published. >> andrew, there are a lot of gems i want to pick up in what you said i want to first go back to a stat that i thought was interesting in the report. russian production is at the highest level since the invasion began. it is remarkable with all of the attempts from the west to curb oil production if anything, it is moving higher and higher how much downward pressure is that putting on the price of oil? >> it has to put a tremendous downward pressure on oil we did research at s&p global insights on the volume of dark ship-to-ship transfers that have been happening blglobglobally there is a 225% increase in the last year. when tankers are turning off trans ponders

in 2016 the group expanded and became opec-plus.luded russia, mexico and malaysia. all together, those 23 countries produce around 40% of global crude oil. >> when opec cuts production, they're looking to limit supply and limited supply puts upward pressure on prices and it really underscores the need for more domestic energy production because more american energy production means lower and more stable prices here at home. >> reporter: the saudi cut is part of a broader opec-plus deal to limit supply into 2024. it's the third supply reduction agreed upon by the group in the last eight months. is that a lot for them? >> what's unusual about the cuts you've seen is that they're happening preemptively. not in response to weak prices but in anticipation of them. so, yes, bret, that's very unusual. >> opec plus has in place cuts for more than 3.5 million barrels a day, that's 3.6% of global demand. those cuts were valid until the end of this year. but at the june meeting, the countries agreed to extend those cuts until 2024. saudi arabi

and we do not expect as a result opec's -- opec to make cuts coming this sunday.e later into the summer, we think opec-plus will maintain flexibility and could come in with another cut once again. they are only cutting now by around 3.6 billion barrels per day and cut by almost 10 million barrels per day in covid. they can cut more if they want higher oil prices. alix: what leads to your bullish oil supply thesis in the summer? supply or demand? ajay: mainly both but mainly on the demand side. the cut is roughly one million barrels per day coming in may helping on the supply side through the rest of the year in terms of helping with the deficit overall. it is really demand we expect to come once we get into the summer. china oil demand is pretty strong right now. we are expecting the jet fuel demand to recover and diesel demand to recover a little more as its manufacturing sectors improve in the coming months. also in the west, the west has been there in terms of oil recovery in the past few quarters. we think that will change once the summer comes and we get the

opec plus controls of the orioles output. _ levelers. opec plus controls of the orioles output.he orioles output. western nations i levelers. opec plus controls of the i orioles output. western nations have accused them of manipulating prices, undermining the global economy through high energy cost. how justified are those accusations, and your view? justified are those accusations, and our view? .,, justified are those accusations, and ourview? ., ., , , your view? those activations in my view are not _ your view? those activations in my view are not justified _ your view? those activations in my view are notjustified because - your view? those activations in my| view are notjustified because when you look at that, we have an energy transition going on, so we shouldn't think that oil prices that are too low and encourage people to use more oil is a good thing from that sense. and also, when you look at these, there is not sufficient investment. there has not been sufficient investment for about ten years in the oil and gas sector. and if you look at what we think will be an inc

we have dan murphy from outside opec headquarters in vienna. dan, good morning. take us through the agreement. >> reporter: frank, good morning. oil prices are spiking here after oil ministers in vienna agreed to extend production curbs to 2024. the surprise for is from the saudi oil energy minister who shocked the market with the additional 1 million barrel cut to production starting in july with the option to extend the cut over the next few months he called it the saudi lollipop. the sweetener the traders were looking for. in the interview with cnbc, he told me opec plus is willing to do, quote, whatever it takes channelling mario draghi here to ensure the markets for the second half of the year. >> opec plus is the most effective international market which is committed to the serious commodity and we are doing it with a great deal of respon responsibility we cannot enforce that i don't know what else we can do >> reporter: the production cut comes against the back drop of what has been challenging for the oil market we are tracking weaker demand in china. the

is janine that's, that's a kind of price flow that's targeted by opec plus. yeah. so the feel price isn't today to dollars and it isn't point now. so they can still kyle with each plans people will see the depth. it's do so. um, but i think the price of the car be around to across right. id would look like reasonable it would make up. yeah. think members and they could inside. there might be some of the house. this is outside the world of, of that is trying to intentionally push prices up a your average person would have little sympathy for the big oil produces with reco profit so around insightful. yeah. well, i mean, this is a, a mock and it would show up, it has more of a power, and it has a lot more power to dies. and he did a few years ago because of the russian to go, or at least not rushing gross elsewhere. i added say on this is company sponsored that because there's also the account for that for the interest the same time. i'll see the us dollars for process below. you mentioned russia and that position, and all of this is generally speaking all day in lin

to the organization of the petroleum exporting countries and its allies, including russia, known as opec plus said they were cutting supplies of crude oil. again, we had a hagen, which we do using the fundamentals to hedge and we would continue to h as long as we don't see that at the ends and stability. opec pos accounts for about 40 percent of global crude oil output ministers agree to extend costs of 3600000 barrels a day until the end of next year. and said they'd reduce output bias, the 1400000 barrels a day in 2024. 0, tech is roughly administered. right. what about the economic go slope, which is not too good. they're worried about interest rates rising, still in the us and certainly in europe. so that was about a week economy and we call him is week the month, which is no good for prices. in addition to apex cots, saudi arabia pledge to caught 1000000 barrels a day in july. the international monetary fund says the kingdom needs an oil price greater than a $2.00 a barrel to balance its budget energy and this phone. opec strategy relies heavily on increased demand from china follow

the speculators are pushing opec-plus into making a cut.e do not want the russians to run out the door. i will be inside because i have not been invited. i'm waiting for that invitation. i'm confident in the next 24 hours i will be part of the conversation. but i will be outside. tom: that has to land on the door of manus cranny. how can you not have manus cranny in the room? i'm sure the phone will ring. brent crude up 1.2%. manus cranny going off to vienna for that opec-plus meeting. what happens with brent, the inflation picture, it is a reminder as we bring in lena komileva, managing partner / chief economist, g plus economics. let's start with the inflation picture as we consider the next steps for the fed. are you getting the sense they are comfortable to pause despite what happens with the nonfarm payrolls later today? lena: good morning. that was brilliant opec coverage, i really enjoyed that. inflation ratings are coming down but much more slowly than the last couple of years. what is more, there is the conspicuous stickiness of un

during the tooks opec also agreed to increase the united arab emirates quotes. and next year, africa members including nigeria that haven't met the targets had that quote has reduced the price of brent crude rows following opec's announcement of costs. but the gains were limited because of doubts. they won't be enough to stabilize energy markets, victoria gates and be for counting the cost as well. oral price is sold to more than a $120.00 a barrel last year. but as we can see here, they drove back to level c before russia invited you crate us despite the reduction by opec pulse of nearly 3660000 barrels a day. since i'll tell you about a production cut, announced that april st price is up close to $87.00 about the price boost did not last long. international benchmark brent crude fell to nearly $70.00 a barrel at one stage more than a week ago. it jump slightly up to more than $76.00 per barrel off to the latest announcements. let's take this on joining me now for me to buy is a robin mills robin is the chief executive officer of come on energy. robin, welcome

it's janine that's, that's the kind of price floor that's targeted by opec plus. yeah. so the price isn't today to dollars and it isn't point now, so they can still kyle with each plans people won't see the road depths. it's do so . but i think the price of the car be around to the boss. right. id would look like . what a reasonable it would make up. yeah, think members, and they could excited robinson or helps this is outside the world of, of that is trying to intentionally push prices up a your average person would have little sympathy for the big oil producers with reco profit. so around, insightful. yeah, well, i mean, this is a, a market, it would show up, it has more of a power and it has a lot more power to dies. and he did a few years ago because of no russian or at least not rushing gross elsewhere. and it say on is that it's company sponsored that the countries also the couch that for the interest the same time i'll see the us dollars across the lot. you mentioned russia and that position, and all of this is generally speaking all day in line with the policy.

we look ahead to this weekend's opec+ meeting.s is bloomberg. ♪ manus: china's economic recovery weekend in may, raising fresh fears about the growth outlook. investors have since sold off commodities with copper plunging to a six-month low. evy hambro is the head of thematic investment at blackrock. good to see you this morning. i want you to tell me where you see the world, because i have got different opinions. china the lowest reading since 2022 slipping into a downward spiral, do you think we're going into a downward spiral, because that has a pervasive impact on how you begin the day. evy: manus, great to see you again and thank you for having me on the show. we're in a summer lull right now. when we look at northern hemisphere trading activity, if you look at the acronym of sell in may and aw it has played out over the last four to five weeks. as we're building towards the autumn period, we will see markets which remain tight, because we have challenges around supply. demand has been weaker than expected over the last few m

something we tend to ask, if the opec cuts did not work? question to be asking, what would the price be if there wasn't an opec+ support? rebecca: the answer right now on whether opec's cuts are working or not is yet to be determined. i think they will work. ultimately, the tightness in the market will reveal itself in supply and demand will start to show us that it's there. the macro picture cleans up and it will work. the take away and your point is valid, it doesn't work nearly as well as it used to. you are showing up to the gunfight with a knife. you might need to figure out a different tool because is not as effective in the market is onto that. we are getting smaller responses from opec's cuts and failing to hold them. i think this will work but i don't think it will be as effective as it has in the past. opec is concerned about this and trying to think about how to mitigate and become more effective. guy: as it becomes a more stressful for the saudi's will they hold together? this is already a tough deal to get done. the saudi's hav

you that'll take pulse is on international a body made up of 13 opec members and 10 major non opec oil exporting nations. now russia and saudi arabia all viewed as the leaders of the box with nigeria and the gulf countries also playing a pump, a prominent role, they'll pick plus participants put together accounts for around 40 percent of global crew production. posting 8 countries from the top 10 oil business list. but any of these boats up it's gonna be such a salma. i'll, i'm sorry, who says the joints efforts by russian saudi arabia, all points to greatly contribute to global and just dependency. some of the major object fox members have a, has different priorities. basically something want to find and create baseline. something wants an increase in their market share and others want the status quo 2 to 3 minutes. so i think this is not an issue anymore because they have full communities and their needs in the headquarters products. and unfortunately, the as the dfcs, the leader of the office plus they want energy market fidelity. i said review, added another customer to $1000000.00

i think opec has a lot of challenges ahead of it.appen yesterday with regard to saudi arabia going it alone in addition of a one million barrels a day, quite a bit of difficult conversations behind the doors with regards to adjusting various countries. especially the african producers , their targets to bring them in line with their actual production capacity. i think some of those difficult conversations were had over the weekend but a lot of those tough decisions have actually been pushed back to next year. i think those will remain a challenge going ahead. i think overall for saudi arabia what has effectively happened is this essentially a saudi put in the market. how far is saudi arabia willing to go it alone to maintain a floor on the prices and prop them up the next time they are in a downward spiral. that remains to be seen. >> as you were speaking we were watching a chart of new york crude prices, a decent rally in oil off the back of this meeting. as you say, they are casting a shadow over this with the saudi oil ministers w

plus is an international body made up of 13 opec members and 10 major non opec oil lakes, both nations brush up on saudi arabia, argued as the leaders of the block with nigeria and the gulf countries also playing a prominent role. and they'll pick post participants put together around a say they counts a 5 and 40 percent of global oil production, boasting 8 countries from the top 10 oil business list for the area we spoke to political research at solomon on i'll on, sorry, it says the joints f, as by russia and saudi arabia, all pleased to greatly contribute to global energy stability. some of the major object fox members have a, has different priorities. basically, something want to find and create baseline. something wants an increase in their market share and others want this type of school to, to, to remain. uh, so i think this is not an issue anymore because they have hold on communities and their needs. and in the headquarters products, it's unfortunate already as the dfcs, the leader of the office, plus they want energy market fidelity. i said review, added another customer to $

oil prices surge after saudi arabia and opec plus cut production, in a bid to boost falling prices. as britain's rishi sunak prepares for a trip to washington, we'll explore how he plans to lobby president biden on al. welcome to world business report, i'm ben thompson. let's start with oil, because crude prices have risen around 2% after saudi arabia and opec plus countries announced they would cut production to stabilise oil prices. saudi arabia said it would make cuts ofi million barrels per day injuly, which is around 1% of global supplies. opec plus countries which account for around 40% of the world's crude oil said they would cut production by some 1 point 4 million barrels per day from the start of next year. but not all members of the cartel were happy, with nigeria and angola both wanting to raise production rather than cut it. here's our middle east correspondent sameer hashmi on some what can this mean for prices around the world? here's our middle east correspondent sameer hashmi on some of the fissures within opec plus, and the differing priorities of some key members.

>> of course, there is the upcoming opec meeting.t this meeting, we will get a clear signal from the group whether the the $80 is a price point for the group that is a floor they are willing to defend or if it is going to eventually become a ceiling as the macroeconomics turbulent factors work out >> we are looking for signs of cut/no cut saudi arabia and russia are having a dispute right now do you know the break even for each one is that the influence on the final decision >> sure. this skism is not something new for the oil watchers saudi arabia and russia have different budget price concerns. what we have seen in the last five months in the introduction -- again, russia did not introduce the price caps however, this has dramatically reshaped the whole strategy of opec the price caps are working they are keeping prices suppressed this is a new challenge for opec to navigate. with regards to saudi arabia and russia, it is saudi arabia looking at the break even price in the low to mid-80s. previously, russia cited $42 to $44 for eur

these are your headlines. >> opec plus cuts 1 million barrels per day.prince speaks to cnbc an defends the decision >> it means hedging. >>> the dow notches the best day since february as a strong u.s. job report. >>> the imf managing director praises the resilient u.s. labor market, but tells cnbc the federal reserve cannot take its foot off the pedal yet >> we don't yet see a significant slowdown in lending. there is some, but not on the scale that would lead to the fed stepping back. >>> net profits for the airline industry are set to double according to the latest report the secretary-general tells cnbc the post-pandemic recovery is un uneven >> markets recovered to slightly above where they were in 2019. international markets, in most areas, are showing strong recovery the area that is lagging is the asia pacific region. >>> welcome back to the show we are just getting some final pmi data crossing for the uk they are mildly different from the flash. the pmi composite at 553.9 as for the services, the flash at 55.1. again, the final number at 55.2. k

you will continue to cover the opec fallout for us. elsewhere in the world, the highly anticipated form and singapore started with a handshake between the u.s. and china defense officials. there was the only son of optimism at the otherwise brought event. this engine to achieve joins us now. tell us more about the u.s. and china. you could be optimistic but perhaps not. >> i would say that it was very limited interaction after that first one. the reality is as the talks went on, the pentagon were not agreeing on direct bilateral talks. the defense chief is being sanctioned over weapon sales. during the meeting, china's defense minister responded as well. basically retorting the remarks. the reason is because in some ways, china does not really see talks right now as being productive because there are so many issues to disagree over in this part of the world. what is taiwan? the fact that there are a lot of u.s. military activities around china. >> what else was said? >> i would say in some ways, i think china has come out of this dialo

then there was this pickup last october over opec/oil price -- opec oil price quote of reductions. there was a sense saudi arabia might be partnering with russia against the interests of western consumers, but it did not happen. the saudi's were right when they said there would not be an oil price increase. there was not. so that has been tamped down. in the meanwhile, even though saudi arabia is trying a rapprochement with iran and even though it is building stronger ties with china, both sides are working hard to maintain the core security relationship between washington and riyadh and partnering on sudan trying to end the war in yemen and cooperation -- very quiet cooperation, sort of under the radar, in building a new regime of containment and deterrence against iran that the u.s. is putting together through a lot of bilateral stuff. u.s. efforts, saudi efforts, u.s. ae efforts, cooperation between these countries worried about iran's hegemony in the region. mark: can i take you back to the opec issue and the iran issue? which of these two is the most disturbing from washington

it's a big pulse is on international body made hope officer letting opec members on 10 major non opec oil exporting nations. russia and saudi arabia argued as the latest with nigeria and the gulf countries also thing a prominence role. the book accounts for around 40 percent of global crude production. they boast, 8 countries from the top 10 or reserves list that we spoke to political research as solomon and, sorry, it says the joints f, as by russia and saudi arabia all points to greatly contribute to global and just ability. some of the major office products members have different priorities. basically something one can increase the baseline. uh, some of them wants an increase in their market share and others want this type of school to, to, to remain. so i think this is not an issue anymore because they have whole accommodated their needs and in the headquarters progresses. unfortunately, the as the dfcs, the leader of the office plus they want energy market stability. i said review, added another cost, which is $1000000.00, but those talk, you know, months time from now, which wil

so, is russia effectively not telling opec the truth about what it is producing because opec -- russia'squo ta, to say 9.8 million next year. but if they're putting 10.2 million on the market at a discounted price, that kind of hoses, for lack of a better term, some of the other opec nations, and then they get agitated why is russia putting more oil on the market, breaking their quotas i think it is inherently political, and i think there is some, in the opec language, gentle frustration being expressed publicly, which you normally never hear, about what may truly be going on with russia and russian oil as chinese and indian demand remains almost insatiable. >> thank you for the analysis this morning provocative. we'll see what happens next. thanks >>> coming up, we're going to talk markets ahead of the monday morning open with elian advisor. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. sfx: [police sirens] due at target in 5! copy that. make a hard left down the alley. sfx: [tires screeching] sfx: [police sirens wailing] network's got you cove

there is an opec-plus meeting into the weekend.bloomberg and a whole host of organizations. has everyone's attention. lisa: there are some put -- potential news outlets invited but it is on even -- it is unclear if they will go. what are they doing? they are likely going to put cuts that will be implemented to get the price of. what are they trying to message? tom: just before we went to air, edward morris published in citigroup, opec plus and its "ma rket power." he has gotten this call right and he says they are struggling with what is their market power and i wonder if that is where this blockage of news organizations comes from because they're petrified about how to get their message coherent and how to get their message out without the journalism goes into questioning policy. jon: opec-plus and the countries that make up the cartel are not known for their free and open press in their own countries. lisa: it's not like the media outlets are going to go and speak to people in the room so what are they playing up -- at? what is t

lori: in terms of opec specifically? lisa: in terms of just where the demand has come from, rebound in leisure and hospitality. lori: i think we don't understand the psychology of the pandemic. we are all used to sitting here plugging numbers into our spreadsheet. we are still in an unprecedented period. the reality is the psychology and the need for these people to cram onto these planes and what is a miserable situation to get out and enjoy their lives, i don't think we are properly modeling that is forecasters. we have notice in one of our gauges that the savings rate has started to go back up. we think the consumer balance sheets are in very good shape. there has been a little dismissing about over the last six months saying savings have been paid down. we really notice consumers are being cautious in some areas so they can find the things they want to go out and do. i think that is all very healthy but i think we have expected the psychology of the slow down in corporations and all of the nervousness about recession

this follows a contentious opec plus meeting yesterday.il prices, except for shell and bp. i want to bring in price futures group senior market analyst, fox business contributor, phil flynn. phil, your reaction to opec? >> good morning, cheryl. it's great to be here. i'll tell you what, you know, the saudi energy minister crown prince abdul alese bin sailman likes to say he's the allen greenspan of oil, i like to say he's the vito coreleone of i when they invite you to a hotel room, you know it's not going to be good news. exactly. angola, nigeria went to the hotel room. it almost broke the entire opec meeting because what they wanted to do is take away quotas from angola and nigeria and give it to the y united arab emirates. they didn't want to give up the quota even though they're not producing that much. but the saudis got their way at the end of the day. and they put the lollipop on top of it, put icing on the cake to make it go better for them t by cutting production by a million barrels a day and you can see the reaction in the marke

the fact is that initially, when it came to what to talk about here on opec plus. everyone counted the sides of anything changes, but reuters on the eve reported , citing sources, that an additional reduction in oil by 1 million barrels per day is possible today as a result. e were fairly short negotiations discussed. administrative matters and even entering the building. e, the head of the delegation of the saudi arabian minister of energy noted that the negotiations would be rather rich and emotional. but in fact, we see that emotionally they only quickly enough left the guardianship building. and now i will remind you. uh, what the situation looks like. uh, at the end of that year it was decided to cut oil production by a total of 2 million barrels per day. after that, since may of this year, some of the countries are not all, but the state of the incoming association is an object. plus, they decided to further reduce oil production by 1 million and 160,000 barrels. per day. it turns out that now, perhaps, there will be an additional reduction. but as far as it

that's because the commentators keep getting oil wrong we keep thinking that opec or opec plus can determinesn't been the case for years. right now the price of oil is controlled by two countries, the united states and russia we're the largest producer in the world. meanwhile, russia is wagging a war almost entirely financed by oil. they can send oil even surreptitiously to the united states we've always heard russia would need american technology to pump crude. in reality, russia is an authoritarian dictatorship obviously the less they say they produce, the better it is for oil prices they have a huge amount of moil. they're pumping like mad when you look at the truly pathetic reporting from opec, the million gallon cut back, it reads as a parody. those days are long gone those in the know accept that oil prices are set right here. we're seeing the explosion of technologies bringing down the price of crude for our producers, particularly those with exxon where ceo darren woods spoke he's bullish about boosting the shale recovery. right now we're about 12.5 million barrels of oil out of the

ntv the main news for the global economy came the day before from vienna there, the opec plus countriese oil production further. we have business news, as the market reacted and mish well, oil prices are rising. but of course, following the results of this meeting, the market again has something to think about. world oil prices are now rising by $1.5, reacting to the results of the meeting of the opec plus countries, everyone agreed to extend the current production restrictions for this year and next year, such existing transactions will be limited to two 2 million barrels per day and from may this year, when some opec plus countries , including russia and saudi arabia, announced additional voluntary cuts by a total of 600,000 million barrels per day, but the main outcome of the opec plus meeting is that saudi arabia single-handedly announced new voluntary reduction of oil by a million barrels per day. true, so far only for july, the minister of energy of saudi arabia , abdullazit ben salman , was, as always, eloquent at a press conference following the meeting. i would call it a saudi

let's start with opec. another supply cut from saudi. did the dynamics suggests that is necessary, that demand is coming in to the degree that they need to cut output? arend: the market is already undersupplied. this will make the undersupplied significantly more severe. we had a cut in april and the market went up about as much as today, then it faded on the demand concern, so the question is can we hold on to gains? about half of one million next year. the fact that the cut extends into 2024 put the floor under the market. dani: i look at things like air travel demand. guy johnson is that i ought i, he has been doing interviews all morning, and we hear time and time again that folks want to keep traveling. the consumer seems strong and the appetite for fuel seems strong, too. arend: air travel is normalizing, the bid that is missing is asia. i have been struck by how slow the recovery is. it should have moved a lot faster than it has, that is the big delta in terms of oil demand. a lot of flight routes in asia. you are right, i wouldn'

it was a contentious meeting in vienna among opec ministers.body to cut production, and try to get prices up, but they failed to get other people to go along so the saudis wanted a loan. that brings to a total of 4.6 million-barrels a day cut from world oil production over the course of the last nine months, and the saudi oil minister put it this way. listen. >> i have to credit the saudis. we will do whatever is necessary to bring stability to this market. reporter: the lollipop was the concession of the other nations. i leave you with this , ashley, as we talk about you know the need for more production. how about here in the u.s.? not good news on that front. the baker hughes rig count has u.s. rigs at less than 700 down 15 rigs in the past week down 72 rigs in, well since december, so this year. yeah, we could use more oil here guys here at pbf would love to have cheaper oil. wouldn't you? ashley: we have it. we're just not using it. all right, jeff flock great stuff as always, thank you. still a ahead, guy benson, kt mcfarland, joe concha

and after that , the very opec plus meeting will take place, where all the countries included in thetion, and i remind you that all the presidency of the russian side. this is deputy prime minister alexander novak will talk about what needs to be done in the future in the market, but so far only rumors are no clearer. uh, there is no clearer understanding of what decisions can be made yet. meanwhile, oil quotes are behaving quite calmly, as they did yesterday. uh, oil. uh, the brand is trading around the $76.5 mark right now while we 're at the building. uh, colleagues from virtually all over the world work here. let me remind you that this year not all personal invitations were sent to everyone, but publications that were previously covered the activities of opeks are now invited, and according to the final show times, some of our colleagues from unfriendly countries have not received such invitations. but here, i work here. uh, everyone has been working for our colleagues from russian news agencies , and access to the building will be opened. that's literally it. er, in a few minut

oil prices surge after saudi arabia and opec plus cut production, in a bid to boost falling prices. the british chambers of commerce sets up a business lobby group to rival the cbi, which now faces a crunch vote on its future. welcome to world business report. i'm ben thompson. let's start with oil, because crude prices have risen around 2% after saudi arabia and opec plus countries announced they would cut production to stabilise oil prices. saudi arabia said it would make cuts ofi million barrels per day injuly, which is around 1% of global supplies. opec plus countries — which account for around 40% of the world's crude oil — said they would cut production by some 1.4 million barrels per day from the start of next year. but not all members of the cartel were happy, with nigeria and angola both wanting to raise production rather than cut it. sameer hashmi is our middle east business correspondent. let see how prices are faring just now. brent is currently up 1.5% so far in the day but keep an eye on it because there is a lot of volatility as you might expect as investors and trade

a setup for the country's position in opec and betplus is imaginable.this is how we know that the cities that do not have a normal situation are from neighboring countries. the relationship between the country's oil exporting countries . thank you very much for your explanation and analysis . he is an expert on opec issues continued news the efforts of rescuers to save people in the train accident in india have officially ended, and the efforts to get the photos and the investigation into the cause of the accident have been focused. the destruction of the prime minister of this country to assess the damage from the scene of this accident is very disturbing. the extent of the casualties in this incident is very sad. in this incident, three people lost their lives. the passengers were trapped in the wagons. it is a war that i understand what happened? we were scared, we tried to break these windows and pulled ourselves out. this incident happened when a passenger train derailed and collided with a nearby passenger train. a few minutes later, the third tra

oil and gas is down .60% as well as we keep a close eye on the language that is coming out of opec andpec plus and saudi arabia despite the fact that saudi arabia went for the unilateral decision to reduce production what has happened is the price of oil continues to drop that sector is down .60% >> as joumanna said, it is a big week for central banks >>> the federal reserve is expected to hold rates steady and keep the lending rate in the range of 5% to 5.25% efforts have helped ease price pressures, the handful of officials like bullard and mester are open to raising rates. we will get a reading on inflation with cpi out on tuesday and ppi out on wednesday. that is not all. it is not just the fed central banks in europe and japan will reassess the rates this week with the european central bank expected to deliver another 25 point move higher on thursday and followed by bank of japan on friday. to help prepare for the week ahead, dan boardman westin joins us dan, thank you for joining us on "street signs" this morning. let's kick off the federal reserve. the markets are expecting the

the opec+ member countries are very concerned about the state of the global economy, and they look ate effect that will have on the demand. they've also seen deteriorating oil prices for some time now. they came slightly up as people started thinking that, you know, the cuts might be extended, so that's why they took the cuts. it's a preventative measure for what they see as a weak economy. yeah, and they've also decided to move production, haven't they? yep. _ from some countries to others. why, and who's that going to impact? well, i think what they've done is two things. one, they have seen their�*s some countries who just were not able for some time to fulfil the quotas. when you look at where the quota was and how much was actually produced, there was an underperformance of more than 2 million barrels a day, so they've shifted from the countries that could not produce to give a little bit more to some countries that could produce. they've done another thing. they've now taken three independent sources, such as platts, such as wood mackenzie, to verify what the production is, so t

anyway, oil prices have searched on monday, following a surprise decision from opec plus the saudi arabia announced a voluntary cuts to it's production. and that's on top of group slide codes previously announced market. so concerned not least of who is benefiting. i would have to go to this, i would d lollipop, which is a 1000000 that is of reduction for the start that starts to do 1st of july. or did i see a saw the lollipop, and one that lease a bit or taste on oil markets and global politics that saudi arabia voluntarily cuts its old production from 10 to 9000000 barrels a day in calling the icing on the cake. the cake being drastic cuts that old pig plus had already committed to earlier this year with other members of the older co tell us celebrating are we done? can the, the king demo. so the idea for the ex uh, the bonus or the x, the voluntary cuts that they had showed the see that showed you how important the market stability and how important bringing back the investments into the sip to this important sector. the market stability, you could call it price stability, or simply a

is this a story, opec does not respect the u.s. anymore? because under trump, gas prices fell below two bucks remember that? under biden seems like it's about making opec great again. it's coming up in the "evening edit." >> there were two things that they never wanted us to have at united nations. none of our enemies wanted us to have a strong military and they didn't want us to be energy independent. we have got to get energy independent again. we should never be dependent on any other country. the chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the ink business premier card from chase for business. make more of what's

oil prices surge after saudi arabia and the opec plus group decide to cut production as they look to stabilise falling crude prices. the british chambers of commerce sets up a rival business lobby group to the cbi with the latter facing a crunch vote on its future. the price of war: the ban on ukrainian grain imports ends in western europe today but there are calls for the ban to be extended as european farmers fight for their livelihoods. and queen b hits the right note again! beyonce entertained another sell—out crowd in london last night, with many predicting her renaissance world tour will smash all financial records. hello, i'm sally bundock, here with your top business stories. let's start with oil, because crude prices have risen some 2% after saudi arabia and opec plus countries announced they would be cutting production to stabilise oil prices. saudi arabia said it would make cuts of one million barrels per day injuly, which is around 1% of global supplies. opec plus countries — which account for around a0 % of the world's crude oil — said they would cut production by some 1

and europe and asia after announcing the opec cut.th the oil analyst, next. this is bloomberg. ♪ the first time your sales reached 100k with godaddy was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! >> you are looking live at the principal room. the s&p defies chairman -- the s&p global vice chairman joins at 2: 45. this is bloomberg. keeping you up to date with news from around the world, here is the first word. qantas will receive the jet six months later than originally planned. the carrier says the ti

according to opec, german business morale worse than for the 2nd consecutive month in june, mostly on account of weakness in the manufacturing sector. and that's according to a survey by the countries renowned evo institute. analysts say that it shows that you have the largest economy faces an uphill battle to shake off a session. for lack of skilled workers continues to hamper germany's economic growth. that's according to the state own k, f w bank. for in 10 businesses are affected by labor shortages. the bank expects the situation to worse than if the economic recovery gains momentum. meanwhile, government bodies calling for germany to hike its minimum wage by 82 cents to 12 year olds and $0.82 by 2025 more. so furniture is present of the german institute for economic research more so thanks for coming on the show up. this work or shortage in germany is not the radical anymore. it's cutting into companies bottom lines. what does that mean for the german economy? as the source of the work is which we have 2000000 open jobs out of the employment of 45000000 is a massive problem for m

opec is sort of like rodney dangerfield right now, they can't get any respect.flation and targeting oil prices. president biden has used spr to target oil prices for month. and opec has been responding with production cut after production cut starting in late '22 '22. saudi couldn't get many of their members to go along with it, so they decided unilaterally to take a million barrels off the market. that is a lot. it used to make a big difference. but as you see, markets are not taking opec seriously in their ability to try to control the markets. and right now the traders who are mostly short have control of this market and are driving prices continually lower. >> saudi arabia's energy minister reportedly described the moves to slash production as a saudi lollipop. he said we wanted to ice the cake. we always want to add suspension, we didn't want people to try to predict what we do. did it work? that is a lot of oil that they say they will take off the market but it doesn't look like in price action it is working. >> not yet anyway. fundamentals are definitely

oil production policies, they will continue tomorrow in the opec plus format.ough initially no changes in the parameters of the oil deal. unexpected earlier , reuters, citing its sources, said that participants could still consider an additional cut in production by 1 million barrels per day with details from the austrian capital alexander suvorov today's opec meeting was rather silent. let me remind you that the meeting of the guardians of the cartel itself ended in vienna. and tomorrow there will be an expanded format of custody plus, and, of course, a co-chairman in this format. uh, deputy prime minister alexander novak will have a full-fledged part of the negotiations tomorrow. today is the result. they lasted about, probably, an hour and a half, and at the beginning several ministers came out one by one. after that, the representatives of the middle eastern countries already came out together, thus finishing the negotiations, no statements were made, and as it became known later from the iranian delegation, that, in principle, a possible additional limitat

the move gives to key allies at the opec coalition.sia made no commitment to cut output in the united error had higher production quarter for next year. they're going to maintain existing cuts until the end of 2024. israeli prime minister benjamin netanyahu is accusing iran aligned to the international economic energy agency. this comes after the nuclear watchdog close to investigations into iran's nuclear enrichment program following 10 rounds agreement for the reinstallation -- the iaea's decision to ask except iran's explanation is a stain on the agency's conduct. turkish president erdogan has named his treasury and finance minister. is the most prominent appointment in a cabinet that will place the challenge of the -- restoring investor confidence after elections. he hands the economic reins to an advocate of conventional policies shifting the reins from his unorthodox measures. pakistan's former prime minister imran khan says the establishment wants to stop his party from winning the next election. in an interview with bloomberg,

including thanks to the decisions taken by opec plus.e see an increase in demand in 2023, especially now during the summer period. we see activation. uh, the business of entrepreneurship. many countries. e, increasing road transport increasing air travel. and these are, of course, such positive factors that affect the increase in demand. all countries of the incoming association object plus continue to monitor the situation on the market. let me remind you that there were always meetings with the minister monitoring committee and following the results of these negotiations, this is confirmed more slowly and, in addition, the next meeting in person will be held on november 26. here in the austrian capital. there will also be a meeting of opek plus even. thanks to the results of the ministerial meeting, opec plus, vienna was told by my colleague alexander suvorova brussels intends to find out from kiev why the belgian newspaper lussoir writes about ukrainian terrorists during the attack on the belgorod region, i remind you that ukraine pre

including thanks to the decisions taken by opec plus.e see an increase in demand in 2023, especially now in the summer. we see the revitalization of uh, the business of entrepreneurship. many countries. e, increasing road transport increasing air travel. and these are, of course, such positive factors that affect the increase in demand. the market is also affected by what decisions are made, for example, by the us federal reserve, as well as in general, the base rates, the situation in china well, and in addition, of course, at all such meetings, the object plus is discussed, how do the countries included in the agreements fulfill all these conditions, the transactions that were mentioned by the vice- the prime minister in our exclusive interview noted that countries not only fulfill all their obligations, but some even overflow them. let's hear one more comment. based on these discussions, based on the replacement of opinions that were today between leader and delegation. we see that these agreements are being implemented, including tha