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
side of inflation. and going into side of inflation. and going into pulse mode and this further into pulse mode and this further data but there are others further data but there are others who want to raise rates how others who want to raise rates how to others who want to raise rates now to address that stubbornly hi-h now to address that stubbornly high inflation and the applause hext high inflation and the applause next week and a hike injuly it certainly next week and a hike injuly it certainly is in place. next week and a hike in july it certainly is in place. certainly is in place. what about australia, - certainly is in place. what about australia, facing i certainly is in place. what about australia, facing a l about australia, facing a similar issue behind inflation pressure to do something about it, what are you expecting there? ~ . . it, what are you expecting there? ., ,, it, what are you expecting there? ~ ., ., . , , ., there? we had a crisis that he make inci
analysts are not sure that these cuts will make or have any impact in the immediate future and in fact, it might soften further given demand has been weakening. the be interesting to see if they make further cuts in the months to come because it will continue monitoring the price and the market situation and take action when needed. he will keep an eye on the oil prices as well. at the start of another busy economy here in asia, let s talk through some of the looking out for. australia s central bank will decide on the cost and quite a bit of pressure to raise rates after inflation jumped to more than expected in april. staying in australia, we also played out of the economy performed in the first quarter and the gdp data is of that week. none thursday is japan s turned to show their quarter performance