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Transcripts for BBCNEWS Business Today 20240604 23:38:00

i suppose not an entirely surprising decision. we had expected some of these cuts to continue through to the end of the year. what we saw over the weekend was something that went a little bit further than that. but really, i think that reflects some of the uncertainty in oil demand at the moment. so, you know, you look around the world, we ve got inflation that s digging in its heels in a number of countries. that really raises the prospect that interest rates stay higherfor longer that would dent demand for oil. similarly, china s manufacturing led growth recovery is showing a little bit of shakiness in some areas. if that were to continue, that would also dent demand for oil. so look, i think we re really seeing that being reflected in opec s decision here. it doesn t change our view too much in the short term we had those cuts baked in until the end of this year, 2025 is really where we expected to see oil prices come back down a little bit quicker. this mayjust be a little bit

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