one of the commitments was the sale of 35's and roads to uae.the trump of administration russian without doing due diligence and if they would have, they would have figured out the risk of appropriation of u.s. technology by china and i imagine that's why we seen suspension of that sale by the biden administration. i understand there's a limit to what you can say in open setting but i think it is important for us to understand a basic level of why there are concerns the choices uae has age. they chose china's 5g technology over 35 so maybe you could talk about the threat, compatibility of growth defense and u.s. systems. if our allies continue to make decisions to more fully integrate themselves with chinese technology. >> i would say a couple things and i have to step carefully in this setting but you are right, there was a complex issues and not perspective sale sitting on the desk as it were when the administration came into office and was one of the first issues on which the administration had to grapple and frankly clearly the 5g issue was

there have been some additional supply -- saudi arabia and the uae have put more supply on the markets. oil production is generally growing. so there has been more supply. and russian oil exports, despite the war, despite the sanctions, have been remarkably resilient. russian crude oil exports really have not fallen since the invasion began. host: who is buying their oil? guest: china, india. european countries are still buying russian oil, much less than before the war, but they are still buying it. there are still many buyers of russian oil. we have seen a big switch towards more asian buyers of russian oil since the invasion began, particularly from india. host: let's talk about supply and what happened after this country went into the pandemic stage of covid-19. all cities across the country were shut down. there was demand gone. what was our supply situation like then and how did former president trump respond to that supply? where did he put it? guest: it was a remarkable chain of events in 2020. as we all know, the economy largely shut down. mobile oil demand fell 20% in april

one of the issues is the fact saudi - the issues is the fact saudi arabia uae are able to pump more,rom that what about the other players within opec plus (inaudible question) a lot of the other players are struggling for various reasons. conflict, tight maintenance budgets which means they can't keep up with reduction in some cases they are under section so can't necessarily hit the supplies they would do you have got a disparate number of countries with different issues, russia is allied to the group, venezuelan iran, nigeria, there is so much complexity with that, opec has been finding really hard to meet its quota as it is. fine been finding really hard to meet its quota as it is. one of their concerns _ meet its quota as it is. one of their concerns as _ meet its quota as it is. one of their concerns as there - meet its quota as it is. one of their concerns as there will i meet its quota as it is. one ofj their concerns as there will be a four demand in the autumn, winter, for oil because of a possible recession in europe, and a reduction in consumer demand because people are fee

food relief for the people and will include food and medicine for people and 50 more aircraft from the uaee in the next few days. the update is in the next 2a hours the weather will get dry but still there will be expected thunderstorms are rain in the catchment area, the upper catchment areas and almost all major rivers in the country so there are still alerts to the fact it can weigh more in the coming few hours. with a disaster on the scale with an estimated 15% of the population affected here, ourfull estimated 15% of the population affected here, our full assessments currently being made as to the skill? right now assessments are being made but right now the biggest thing is a lot of places are inaccessible and the biggest area of the entire destruction is not yet no no. around 33 million people had been affected because of the floods and rains that have taken place and students are right now the biggest problem is how to understand the scale of the disaster. so far everybody has intensified their efforts have done the same but they are all trying to understand what is basically going

likewise for the uae. manus: where is russian production?t is being sold at a deeply discounted rate to a number of countries. where is their production? all serious sanctions would cause a reduced capacity. >> that is not happening. the russian production did a u-turn because february and march were the first months of effectively caution. then production dropped million barrels a day. it kept going up and up, if you look at crude, it is back to preinvasion levels. it is very strong, this is driven by domestic demand. it is a combination of summer driving season and the actual war. this is summer. as we head into september, this will gradually ease. the strength and the russian domestic markets will ease. people will no longer take the drive to the seaside or whatever. manus: here's the burning question that we have. sorry i for speaking over you. apologies. the question is, with driving at the lowest level since the summer of 2028, stockpiles rising, demand destruction evident, i'm being told by a number of different people, am i going to

nuclear safety is critical for the uae. we remain committed to supporting all efforts ensuring the safety and security of nuclear facilities globally, including through our work with the iaea and board of governors. in this regard, we underline, once again, the importance of refraining from any action that could further endanger the facility considering the volatile situation. the ia ea general's recent statements calling for the urgent need the urgent need. -- the iaea has full impeded -- the united arab emirates also reiterates that the -- the iaea has full impeded access to the damage in order to assess the damage and assert the safety of the facility. we welcome that both parties support such a mission. we are a day away from marking six months since the beginning of the conflict. constructive dialogue that will bring the conflict to peaceful resolution, in a way that is consistent with the charter and international law. the only way to stop the suffering brought by this conflict and to stem its consequences including t

well, right now, iran, turkey and uae have pledged their support.a turkish aircraft landed in karachi airport and they basically sent humanitarian assistance to pakistan. at the same time earlier in the day, the uae also sent humanitarian assistance in the form of food and medicines and tents. iran has also pledged its support, but so far no teams are coming into pakistan, as we saw in 2005 during the earthquake, where a lot of international aid and a lot of international help came in. as a minister also said that they need technical assistance because right now the biggest challenge is to reach to those people and to provide them with shelters and everything. there is a lot of self—help that people are doing. for instance, one adjoining neighbourhood is helping the other one and the other towns as well, and that's how they are doing. but they are very few and far in between. they are not a lot of people who are working. there are local aid agencies who are also helping. but so far no international organisation or aid agency has said that they are s

. >> spare capacity or the lack thereof is not just an issue in the uae but here as well. >> absolutelyhey tap into that and go all the way out, there is no way to buffer that. there is no way to buffer the higher prices so not having that would be a huge issue for them as well. >> think you as always. boosting production by 100,000 barrels a day. it is the smallest hike in history. let's get a little bit more context. our star washington correspondent in the middle east. what does the president make of this? >> we have heard from his most senior advisor. what the administration is pointing to is that yes, this was small. it was an increase of 100,000 barrels. we saw opec really ramping up and accelerating some of that production. where the saudi's are pumping right now, it is some of the highest we have seen out of the kingdom and decades. they will point to that as a policy working, but at the end of the day, the only thing that matters to officials is the fact that oil prices are going down and gasoline prices are going down. the white house account as well with the press secretary t

i've developed a relationship with the foreign minister of the uae.e said the current battles around the world are not between nations, but ideologies. there between moderates and extremists. america has these problems and israel has these problems and the gulf has these problems. we are on the same side. moderates have to win. i agree with him. i think we were at a point where we can begin with the right leadership to scale the abraham accords and the relationships we have made in the muslim world to new heights. after tell you, dr. mehmet oz is the right person at the right time with the right values and the right ideology, to help scale those achievements. he is the right guy. i know that speaking with him. i know that from seeing what he has written, what he says, what he believes. we need him. we need him in congress, in the senate. we need him to help scale these relationships. he has a unique ability to do it. i hope we will see him soon on the senate forms relations committee. i hope we will see them taking a leader role in advancing the abrah

you know, our friends and allies in the middle east are telling us -- by which i mean, saudis, the uae israel, and others -- are telling us, "you're good, no, you're michael: as you roam the halls of the ivy league, bernie, to your colleagues ever come up to you and was, "i agree with some --" or -- [laughter] bernard: there are very few because there is a lot of think. you're either a card-carrying member of the party or an enemy of the people the -- the people. [laughter] >> i spent enough time in academia to know that. it is not possible to sit quietly in the corner and do your work. you have to stand up and testify. [laughter] dr. doran: mohammed, let me summarize or slightly interpret something you set a minute to go and get your reaction to my into jim. -- my interpretation. he mentioned you cannot substitute china for the u.s. 10 years ago, nobody would even suggest that but now you have to have this conversation all the time. i think that structurally, let's forget for a second what the mindset of -- the outlook of the saudi elite and the saudi public is. let's just say that st

manus: here in the uae they have made their sentiment clear, which is unique for the uae in terms of these provocative moves they have seen from the situation. let's get the reaction from juliette saly, in singapore, watching the asian markets overnight. taiwan is rallying today, so in the first flush of reaction, it is not all the way down? juliette: absolutely not, what a volatile week has been for taiwanese assets on the taiwan dollar, but today it seems a lot of investor angst has dissipated following nancy pelosi's trip. it is back to levels at the end of june, and that is lifting the broader asian index for a third week. a little profit from alibaba. it still challenges remain but we did see adr's rise. we are also watching the reaction to the are b.i. decision, the central bank lifting rates by 50 basis points, the top end of the range. you have india yields rising. let's look at that inflationary picture from the rbi. we have not seen the cash trade at 4.5%, this level since 2019. in the last 30 minutes they think they have accommodation needed and suggest inflation will be a

if you look at the group, it is only uae and saudi arabia that have significance bear capacity. so what can we expect from next month's opec+ meeting. for sept. 5. i feel like every two weeks there is an opec+ meeting. >> these meetings can be quite exhausting. opec-plus says it will look at the data at the time and decide then. i think it is unlikely that we see any particularly aggressive move in terms of hiking supply simply because they can do it. although the saudi say they have about a million barrels a day of spare production capacity and the uae says the same. that is untested. at least in the case of saudi arabia they are pretty much at their highest levels historically, and other members of the cartel clearly can't go much higher. but we could see another hike, let's say another 100,000 barrels a day of increase at the next meeting. francine: paul wallace there covering middle east energy and commodities for us. surveillance early edition is up next. we will look at oil and get gilts in light of the bank of england's decision later. this is bloomberg. ♪ this is xfinity

spent damn accent and aircraft of relief goods for the people which basically includes tins —— the uae people which basically includes tins and other things. right now the crops are completely destroyed two in the coming few weeks and months what the country will have to deal with is how they will report vegetables and where we will report these vegetables from is because most of the provinces were completely destroyed during the last floods when this happened —— most of the crops were completely destroyed. last time pakistan had to ask india to import as many vegetables as they could so there is a need to get that in order as well, an immediate response, as us earlier. right now, there is a food urgency. a lot of places need you know, people to get freshly cooked food and not something that is raw. for instance, in the beginning rescue teams were sending them raw food like for instance rice and wheat and everything, so the urgent need is for them to have cooked food and something that they don't have to make themselves because they have nothing to rely upon right now. they do not have

it is basically only saudi arabia and the uae holding any substantial amounts of spare capacity. has stressed we have a lot of emergency stocks in our member countries. ritika: the iea said 700,000 barrels a day hike in september is largely symbolic. opec expects -- the cartel cut forecasts of the amount of crude it will need to pump in the third quarter. opec's outlook may give more insight into the minimal production increase it agreed on last week with its allies. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. alix: thanks. let's stick with energy. damien courvalin spoke to us in the last hour, saying gas prices in the u.s. are going to have to rise and brent is going to jump to $130 by the end of the year. damien: our forecast has a going back to about five dollars by year end. we think that is the level at which we need to see sustained prices to eventually solve the market deficits. we think brent goes to 130 dollars per barrel at the end of this

, the uae, the growing number that kingdom, japan, the uae, the growing numberthat are very kingdom,the equivalent to $4 billion would be, i think— equivalent to $4 billion would be, i think the _ equivalent to $4 billion would be, i think the united — equivalent to $4 billion would be, i think the united states _ equivalent to $4 billion would be, i think the united states have - equivalent to $4 billion would be, i think the united states have morel think the united states have more money— think the united states have more money than — think the united states have more money than we _ think the united states have more money than we do. _ think the united states have more money than we do. i— think the united states have more money than we do. i didn't - think the united states have more money than we do. i didn't realise it money than we do. ididn't realise it was— money than we do. i didn't realise it was the — money than we do. i didn't realise it was the nassar _ money than we do. i didn't realise it was the nassar meets _ money than we do. i didn't realise it was the nassar mee

president. >> i thank the representative of uae for her statement.ow, i give the floor to the representative of ghana. >> i thank you, mr. president. i welcome the participation in this meeting of president zelenskyy and other participants. we wish ukraine best wishes on their independence. i also expressed thanks to the secretary-general for his briefing on the humanitarian and security situation in ukraine and join others in commending his direct involvement in the multiple mediation efforts, aimed at getting the russia situation in ukraine to cease their hostility and to positively engage in dialogue. in that regard, ghana's full support for the continuance deployment of that and to bring substance to the people of ukraine. mr. president, the black sea efforts and supplies to world matters, both secure and the auspices of united nations, with the fragmentation by other field experts, has proven that with diplomacy and a solution can be found to the ongoing hostilities in ukraine. now more than ever, we must seize on the positive momentum and inten

he was charged with illegally funding uae money in the 2016 election.now serving ten years of prison for child sex trafficking tell pornography offenses. speaking of uae, tom barrack, longtime friend of trump, associate spoke at the rnc in 2016 that campaign. he was the chair of the 2017 inaugural committee. he was indicted last year for his unregistered lobbying on behalf of the gulf nation. eric was one who told trump to hire paul manafort back in 2016. and manafort ultimately pleaded guilty to conspiracy charges, relating to money he earned working as an registered foreign agent in ukraine, sensing a theme from the first campaign? manafort was also pardoned by donald trump. manafort's close ally, mike gates, who was trump's campaign manager, plea to guilty for assisting manafort in laundry that ukrainian money as well as flying to the fbi. and the unregistered lobbying doesn't end there. trump's first national security adviser, michael flynn, he was also accused of acting as an unregistered agent on behalf of the turkish drones government. but he [in

the possible sale of $2 billion of aerial defense systems to the uae has been true. the u.s. said it will continue to work the defense capabilities of allies in the middle east. yemen's warring parties -- cruise for two months hours before it was set to expire. the u.s. -- the nation set the truce between the government and it will go until october 2. a new announcement came up -- three days of talks in the capital. president biden says it is an step but it is not enough in the run. president sumi has or from the united nations. >> humans troops are being welcomed by the un security council and the humanitarian community to point out the positive impact it's had first adopted in april reducing the number of casualties and the longest period of calm in seven years. and it had other impacts as well. allowing fuel in the country, displaced people to return home, but there are sticking points that remain. they want to get or supplies in the country. and they need to work out how to get civil service. one major sticking point has been reopening roads around the city of tice. which

the fund has already been established and international countries like uk, us, uae have already pledgedbut we need way more than that, especially in the forms of shelters, in the form of made—up homes, like the ones that can be built automatically, and especially the tents which can be provided to the people who are affected. because as you have seen yourself, especially the provinces of balochistan and sindh, there has been around 2 million acres of cultivated area that has been wiped out and it's over like 522% over monsoon which has been unprecedented since many decades so pakistan is providing 100% support right now, we have actually cut funding from a lot of development projects to reroute it on prime minister's direction to the affected people but it's just a start and it's the tip of the iceberg and we will certainly need the assistance of international community. we are actually doing a flash message of urgent help with united nations, that's going to go out on the 30th so we will request everyone to please contribute and for us to help rebuild these lives. pakistan heavily reli

and country save puk, you —— contributes like the uk, the us and the uae and forms its shelters and homes automatically. and it can be provided to the people were affected because as you have seen, especially in the provinces, there's been around 2 million acres of cultivated area that has been wiped out and was a 522% over monsoons which have been unprecedented for many decades. pakistan is providing support right now we have actually cut funding from a lot of development projects to re—route on prime ministers direction and on the affected people but this isjust direction and on the affected people but this is just the start of the tip of the iceberg and we are needing the assistance of the international community. we actually doing a flash, a help, a message of urgent help i will glide on the 30th and so, we will request everyone to please contribute and participate to help us. in and participate to help us. in 2010, there was a flash flood were lessons learned, were infrastructure changed at all? was reinvestment downs reinforced?— was reinvestment downs reinforced? �* ., , reinforced

it is targeting top talent, allows them to compete with the uae, the u.k., germany, and hong kong.e: you definitely want the best of the best. rishaad: who wouldn't want that? yvonne: some pretty big changes. rishaad: six minutes or thereabouts. haslinda amin joining us. reforms taken place, visa reforms. yvonne: the markets, can't fill the gaps. still lingering questions about the fed. a mixed picture, equities. jakarta looking good, and indonesia. hong kong 1% or mower -- more lower. 20 year high for the dollar, continues to see pain across asia. the ringgit flat this morning. rishaad: we will be with haslinda in about five minutes. talking to a ceo. this is bloomberg. ♪ (♪ ♪) (racing sounds) (game chime) (silence) (♪ ♪) real luxury, real thrill. feel the rush of performance at the lexus golden opportunity sales event. (♪ ♪) announcer: from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology" with emily chang.

apart from that, there is also aid coming from the uae government and it is expected today.that aircraft, it is basically expected that the government has given pakistan tents and medicines and food, so right now, the focus is more on getting people shelter and food and medicines, which they are going to require. as much as people are trying to reach them that. fin require. as much as people are trying to reach them that. on the scale of this _ trying to reach them that. on the scale of this is _ trying to reach them that. on the scale of this is enormous, - trying to reach them that. on the scale of this is enormous, isn't i trying to reach them that. on the l scale of this is enormous, isn't it? yes, it is, it is really enormous and this is something we haven't seen here before. in 2010, it was disastrous, but at that point, it was accessible. at this time, the problem is the rains have not stopped since they started. for instance, it started injune and since then, it has only been increasing. they are also seeing a lot of dams, six dams have been burst since the rains have

saudi arabia, the uae, kuwait, and iraq could ramp up production, but there is not a lot of stock -- arabia has resisted pressure to bring more barrels back to market to try to lift the imbalance a little bit, but now that the outlook looks a little bit more fragile, i think it would be odd for them to shift strategy at this point. francine: give me a sense of what happens to the actual price of oil. it does not seem like it is range bound anymore. are all bets off? >> absolutely. prices have been volatile through the year. the market is really vulnerable to these extremes. i think you're absolutely right. it could go anywhere. the drivers on the supply-side are pulling in the market in one direction. i think it really depends how economic data goes from here on out. how far we see recession risks driving places like the eu. francine: can you give us a sense -- is there any way that we can avoid a full gas embargo? >> our view would still be that we won't see russia halt supplies to the eu entirely, but i think we can expect to see them continuing to restrain gas to europe, whether i

ambassador to haiti and uae. >> thank you for having me here today with you to discuss the fiscal year 23 budget request for the you and -- for the u.n. and other organizations. prioritizes our engagement with the you and and with the multilateral systems to advance u.s. and national interests and strengthen the international system to address today global challenges -- today's global challenges. late defend the values of the system and especially against efforts by our competitors do reshape them. we continue to push for reforms to ensure that international organizations deliver results with good governance, efficiency, and accountability. i appreciate the strong interest of the subcommittee in this important work. i last appeared before you on february 15 and it has been an eventful last five months to say the least. il mobilized to bring our partners on board to win overwhelming un general assembly condonation of russia's aggression days after russia's unprovoked invasion of ukraine. as well as a swift international affirmation of the principles of sovereignty and territorial integr

it is pretty much only saudi arabia and the uae that the market thinks have a significant spare capacityangola, nigeria, iraq, they are really struggling. they could fail to produce anything more even if they make an announcement today. francine: that is it for the european market open. surveillance early edition is up next. the markets are stabilizing, we still look at taiwan and china, halting some trade with taiwan in retaliation of the visit of nancy pelosi to the island. more disruptions likely in the taiwan strait. as political tensions intensify. this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction.

system itself is a counter uis system, it's a kinetic system that uses small missiles to shoot small uaes out of the sky. we continue to train ukrainian forces on all the systems we are providing and our allies and partners are providing that they have not already been trained on. having made a transition from soviet legacy equipment to nato standard equipment has required more training on a rolling basis. now, as it relates to systems in this package, really, we are talking about systems that will take months to get on contract. 1, 2, three years in some instances to arrive in ukraine. we are confident we have the time to train the ukrainians on whatever systems they are not already familiar with. >> how much of the package is on training? >> d sustainment package, sorry. the piece about sustainment, i will get you the exact numbers on that after. sustainment is really about spare parts. >> how does that work with the training? >> i don't have a number but i can get you that. >> i'm with air force magazine, thank you so much. can you tell us why still no aircraft or pilot training if you

so, you know, the people from saudi arabia and uae and the kuwaitis, produce more and russia producede the war in ukraine but the africans really did not come through. in many ways, even if it goes down with production, as long as he does not go down below this 2.8 million barrels, at which they will not, they are under producing, i'm not too fast. what about if iran enters the market and there are conversations about the 2015 nuclear deal with the us could be revived if iran is willing and able. your thoughts on that? iii and able. your thoughts on that? , i, ~ that? if they enter the market, es, we that? if they enter the market, yes. we will — that? if they enter the market, yes, we will have _ that? if they enter the market, yes, we will have more - that? if they enter the market, yes, we will have more supply| yes, we will have more supply and that is accumulated with the global recession, yes, that would be a weakening factor to the oil price. but then look at it, we are still hugely undersupplied and even if we go into a recession, as long as the gas woes in europe goes on and

a man has died after testing positive for monkeypox in the uae. 22-year-old died on january 30 where he was treated for fatigue. authorities subsequently learned he had tested positive for monkeypox on july 20. the world health organization has declared a global health emergency over the monkeypox of -- outbreak. rishaad: coming up on the show, laura lane, executive vice president of ubs -- ups, on how china could escalate with the united states. this is bloomberg. ♪ what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create david: welcome back to the show. i think we are on air. are we? yes, we are. here we go. we are watching this continuing across the markets with

region and everything that happens in saudi arabia has a knock-on effect to other countries in the uae egypt as well. you have to remember this doesn't just happen in a vacuum. listen to what my guest early this morning had to say. >> if you look at anyone producing oil and exporting it, it is a winner saudi arabia is the largest oil producing country in the world that is a major achievement. that is translating into higher w w windfall and revenue they are receiving dividends and royalties on each barrel produced they are increasing with the oil prices the higher the price, the higher royalties. then the income tax. that trickles down in the economy. you see the forecast for saudi arabia is the only g20 country the list of beneficiaries can be long anyone producing or exporting gas is making money like never before from the high prices. >> this is a fascinating issue from the geopolitical and economic aspect. you have q2 numbers with a $21 billion budget surplus not bad so far in 2022 you have to think about this as a company. talking half net income soaring to $88 billion better than

i imagine so the idea and uae has a lot of the pursestrings.they are gently front and center but they've been testing the upper limits of their capacity. a lot of the supply growth going forward is expected from opec and the iea, it is loza going to come from non-opec countries. part of what is driving the uncertainty is u.s. oil production. the public producers are more clear in their guidance and what they are expecting for output. but we are seeing some growth from private producers production in recent months with higher prices. caroline: jenny atkins, great to have time with you. coming up, filling the gap. banks pulling back from financing by out. details. this is bloomberg. ♪ caroline: this is bloomberg markets. i'm telling height with jon erlichman. one of the great stories on the terminal, taking on the big banks, a fund for large-cap loads. our reporter joins us on this story and why apollo is doing this. >> we are seeing an interesting development in the past couple of months, it is getting for -- getting tough for bio financing to g

and tens of thousands of them still at refugee camps in pakistan in the uae, and qatar and ukraine.es and hopes are destroyed, our country is destroyed. everything that we have achieved in the past 20 years, because of the presence of international community they are all gone. trey: i want you to listen to another interpreter, what happened to him and his family. >> i was praying all the way there god, make me strong to go through this thing. when i heard the taliban took over afghanistan, like, i was emotionally inside, i was crying. what i can do to get my family out of afghanistan. trey: tell us about your journey to get here. and also have you been given an explaining a for why 20 years of american investment and you risking yourself and we turn the country back over to the taliban? >> there is no explaination. >> this is a mistake, the decision should not have been made. referring to my former colleague, i have a very more terrible feeling than him when i was on a c17 as it lifted off kabul airport, i had a deep sorrow in my heart. everyone was asleep and started to fall asleep

we have assessed that saudi arabia, the uae, they are pumping at less capacity levels. we haven't seen often in the past. we haven't seen often in the ast. �* . ., past. 0k, andrew critchlow, thank you — past. 0k, andrew critchlow, thank you so _ past. 0k, andrew critchlow, thank you so much. - past. 0k, andrew critchlow, thank you so much. we - past. 0k, andrew critchlow, thank you so much. we will| past. 0k, andrew critchlow, - thank you so much. we will have the bp numbers in an hour and 25 minutes roughly, at 7am uk time. we will update you when there's no must through. let's look at financial markets today. it's a one—way bet for markets today in asia today with equities sliding on unconfirmed reports that us house speaker nancy pelosi will visit taiwan and meet with president tsai ing—wen. china has hinted at a possible military response should such a visit take place. let's look at the boards. let's go to our asia business reporter monica miller now... monaco, understandably, financial markets showing their nerves in the region —— monica. absolutely was that we h

outside uae and saudi arabia, there is no demand we think the upside is target is 130 on brent and 125ne last point to keep in mind historically every time the macro markets like the yield curve tries to price in every session like it did before jack jackson hole last week and you didn't get the recession in the u.s., oil rallies 80% to 100% after that look at what happened. rate hikes in 2006 led to an inversion in the curve we know it goes to 147 by july of '08 it takes a while before the recession kicks in and that time rate hikes in late '06 and recession didn't occur until '08 globally the other time was in '94 and '95. recession didn't happen immediately and you rallied 80%. >> because, as history shows, gasoline, jet fuel, shipping fuel demand is shockingly inn elastic. people have to get to where they get to jeff, outside of energy. i'm not a gold bug you met many why are we buying gold >> we look at gold is at the bottom end of the trading range at this point right now. i think the key message here is gold has been pricing in and given the fed the benefit of the doubt it will

ghani spoke to me from the uae. i was in new york.re to have you on the show. >> thank you for having me. >> people around the world are wondering why you decided to leave in may 2021. just months earlier, you gave an interview in which you said, and i'm going to quote you, no power in the world could persuade me to get on a plane and leave this country. it is a country i love, and i will die defending. but you did get on a plane and leave the country. why? >> i did get on a plane because it became impossible to defend it. from the presidential ground, all the presidential protection force, militant and civilian, the minister of defense had left. i was ready to go to minister of defense because he had called me that kabul could not be defended, and i said, i'm going to come to the ministry. the ministry was empty. he was on a plane. i was the last to leave. and the reason i left was because i did not want to give the taliban and their supporters the pleasure of yet again humiliating an afghan president and making him sign over the leg

hand, though because they are in this larger opec-plus group, you really can't exclude russia and the uaee other really big important players right now. it is really going to be about not just what they want but also how they see the market, especially for the opec players, they are really very much into their assessment of where they see the markets and do they think we are in a supply shortage or do they foresee a supply shortage emerging between now and the end of the year? that could trigger them to do some sort of modest increase in production quotas. the question arises, will we actually see any output increases because so many of the opec players are capped out? lisa: how much more can they increase output at this point? ellen: if you look at saudi arabia, which has the most spare capacity, they are producing either 10.5 million or 10.6 5 million barrels a day depending on whether you believe the saudi reports over an external source. starting in august, their quota is up to 11 million barrels a day that is not something that they have regularly produced ever. i think we have seen