Tries to revive its faltering economy. And Jerusalems Al Aqsa mosque compound islams holiest sites closed during ramadan because of coronavirus restrictions. So an agreement among the worlds Top Oil Producers to cut output comes into effect today friday following the collapse in global prices it was spurred by a slump in demand because of the deal to cart output came with a lot of infighting between the worlds big Oil Producers go back to early march when they met in vienna and work out how to keep prices stable but failed to reach an agreement opecs recommendation was to take 1500000 barrels a day off the market if russia agrees to cut production as well russia said no. And so top producer saudi arabia retaliated by announcing a production increase instead sparked a price war lasted nearly a month prices dropped below 20. 00 a barrel also in riyadh did resolve their differences eventually agreed to gradually cut production by 10000000. 00 Barrels Per Day but as american producers whic
Holiest site is closed during ramadan because of coronavirus restrictions. Now an agreement among the worlds Major Oil Producers to cut out for that comes into effect on friday it follows a collapse in Global Oil Prices spurred by a slump in demand because of the pandemic and it seems the deal to cut out what may have only happened because President Donald Trump reportedly pressured saudi arabia plying the u. S. May withdraw its military support for riyadh the savage raid as this report. Oil and water do not mix but politics in oil bond very well there is no official transcript of the conversation between the u. S. President and the Saudi Crown Prince which resulted in saudi arabias latest Oil Production cut reports suggest president all trump told muhammad bin sole man that u. S. Forces stationed in the kingdom could be withdrawn if saudi arabia did not stop flooding the market with cheap crude within days riyadh announced production cuts and ended its Oil Price War with russia. 20 me
On in the session. And italy. Greece you can see that at the bottom of the screen. 54 basis points for the ecb. Significantly as well today, we have seen the fed extending the swap lines. I think this is really important because this dollar squeeze is right at the center of the market turmoil we are seeing at the moment, so we see had extended to countries like norway. Maybe not much of a movement today, but that is still up or down by 1. 7 versus the u. S. Dollar. Fall, buttinue to 0. 5 given the scale of some of the moves we have seen recently, i think we will call that well within the margin of error. Alix lets stay focused on Central Banks. They are taking dramatic action to stem the fallout from the coronavirus. The fed launched a program to support money market funds, and in europe, the ecb launched an emergency buying program with 820 billion. This morning we have new swap facilities for Central Banks in australia, brazil, south korea, mexico, etc. Paul donovan, ubs global chief
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Being s stopped s short in one h ceer will briri you her story later in the show. Its ten pm here in the french capital thanks for watching france twenty four now will start to this evening in the u. S. Where the labor secretary alexandra costa said. On friday that he is resigning at this follows questions over his handling of a two thousand and eight secret plea deal. With wealthy financier jeffrey epsteiein whos beenn accused of sexually abusing d dozens of underage g girls acosta made the announcement of his resignation. Alongside the u. S. President s lets take a listen. I do not think it is right and fafair. For this Administration Labor department they have seen as the focus. Rather than the incredible economy that we have today. It would be self pay for me to stay in this position. And continue talking about a case of twelve years old. Rather than about the amazing economy we have right now. And so i submitted my resignation to the president. No for more at one what is the lates