continue cutting production basically to push prices which seem to be working so far in saudi arabia said they will make cuts of over a million barrels per day injuly and targets would drop by after a one point million barrels. it accounts for about 40% of the rules crude oil and decisions can have a major impact on oil prices. let s skip more for my middle east business correspondent. let s get more. before the meeting started in the oil production and oil production where around $5 a barrel, they have been falling and concerns they could fall further with they could fall further with the global economy and demand weakening. in saudi arabia and some countries were very keen that the group, goes ahead and ask another cut as a group of most countries were against that idea because any cut would lead her impact their oil revenues which is crucial to their economies in saudi arabia was in when they could afford to make the cut and managed its national budget. when they came t
previous predictions. it says the us economy is performing more resiliently than forecast and suggests the earlier than expected reopening of china after the worst of covid has boosted performance, but there is still a health warning that high inflation and interest rates will continue to weigh on global growth. here is the oecd s chief economist. global growth. here is the oecd s chief economist. some good news in the forecast chief economist. some good news in the forecast today, chief economist. some good news in the forecast today, the chief economist. some good news in the forecast today, the overall - the forecast today, the overall economy is improving. we expected it to moderate to 2.7% in 2023 and 2.4 in 2024, but it is low in terms of the growth we saw before the recent crises. a , the growth we saw before the recent crises. n, , ., the growth we saw before the recent crises. , ., , the growth we saw before the recent crises. , ., crises. many of the gloomy f
what do you make of the numbers? what do you make of the numbers? what do they tell us about the economy? what do they tell us about the econom? ., , , economy? after two years of pretty essimistic economy? after two years of pretty pessimistic uk economy? after two years of pretty pessimistic uk data economy? after two years of pretty pessimistic uk data it s economy? after two years of pretty pessimistic uk data it s quite - economy? after two years of pretty pessimistic uk data it s quite a - pessimistic uk data it s quite a relief to be talking about an encouraging picture on inflation, so for the first time in two years, but it is the breadth with which prices are slowing which is encouraging. we knew that energy prices will moving lower, we knew that food prices were still close to 10%, down from almost 20% early in the year, but core inflation, services inflation, the type of data that the bank of england it s really going to hone in on, which is very encouragin
we start here in the uk with a very rare piece of good news about the cost of living because for people in england, scotland and wales, average energy bills are set to fall by hundreds of pounds this summer. the uk energy regulator ofgem is about to release its latest price cap the maximum amount suppliers can charge the average household. because the cost of energy has fallen sharply on global markets, that cap is expected to come down from july, saving the typical household annually around £450. hannah miller has been talking to energy users in the east of england who have been struggling to pay their energy bills. since we last came to suffolk, 18 month old robyn has taken her first steps. and her mum, claire, has been trying to keep the family bills under control. we first met in august, when claire was already cutting back on her electricity use. i am terrified that, when the winter comes, we re not going to have enough for the bills. since then, energy prices hav
you still believe them to be true? yeah, of course they ll sue me again when i say that, but yeah i do. they want me to lie. basically they re suing me in order to lie to them. i m sorry, i can t do it. and the most important thing it doesn t have to be absolutely true. it has to be supportable. they have to prove i was deliberately lying, which i wasn t. rudy giuliani continue said to standby his lies about two former election workers from the state of georgia just days after a federal jury decided he must pay the women $148 million. but those women aren t done yet with the former new york city mayor. plus an update on the biden administration s push for a scaled back israeli offensive in gaza. it comes as israeli officials say they are considering what the next phase of the war will look like. and also ahead, we ll explain how trump administration immigration policies are playing a large role in ongoing negotiations over foreign aid. good morning and welcome to w