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Transcripts For BLOOMBERG Bloomberg Markets Balance Of Power 20240713

Between mexicos president and the king of saudi arabia and president putin. What the deal does is 9. 7 Million Barrels of oil. A diplomatic victory only cutting 100,000 barrels. Past theren in the are some that struggle to comply with the likes of iraq and russia as well. If you look deeper, and Goldman Sachs with some of these numbers, if you look at the First Quarter of averages, it could be closer to 5 Million Barrels a day of real oil coming off the market. You see a lot of people like the president of the United States talking about 20 Million Barrels a day. That accounts for other producers declining production but not voluntarily. Economic driven decline. This cut is voluntary cuts from Oil Producers. What has the price of oil done . Initially it went up, then it went down, now is back up a bit. What is the market telling us . Annmarie the market is saying it is not enough because we have serious demand destruction. We used about 100 Million Barrels of oil day and are probably w

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