energy leaders are gathering again today in vienna for the latest opec summit. the summit is about transitioning to renewable energy, but it comes after the biggest and most powerful player saudi arabia announced it would extend its voluntary output cut of one million barrels per day to august. the world s second biggest supplier russia also made a similar move, announcing it was cutting production by half million barrels per day from august too. but these cuts are failing to boost energy prices. why? here s the view of one commodity analyst. if we take the data out of the us which was released for the month of april, essentially it was increased ljy april, essentially it was increased by almost 800,000 barrels per day, so in general i would say demand is quite solid, driven by asia, china, india and the middle east, and it is an issue that there was too much supply in the first half of the year on the market and that has affected
the price of oil on international markets is not high enough for them. oil and energy leaders are gathering again today in vienna for the latest opec summit. the biggest and most powerful player saudi arabia started this week with the news it s extending its voluntary output cut of1 million barrels per day to august. russia is making a similar move. but these cuts are failing to boost energy prices. why? jonathan robinsonjoins me now to explain he is global power & energy research director at frost and sullivan. just talk us through our oil is at the moment. just talk us through our oil is at the moment. oil, despite the cuts in production, at the moment. oil, despite the cuts in production, oil at the moment. oil, despite the cuts in production, oil prices- cuts in production, oil prices have stayed relatively low in what we have seen historically in the past year, 1.5 years. there are a few specific reasons for that. chinese demand, industrial out would,
president trump is gearing up for a series of meetings later today at the opec summit in vietnam a peck summit in vietnam. there it is, in which president trump was seen sharing small talk with russian president vladimir putin. well, the exchange comes amid word from the white house that there will be no formal meeting due to scheduling conflicts on both sides. despite that, white house secretary sarah huckaby sanders says they will be in the same place, are they going to bump into each opts and say hello,? certainly that is likely and possible. how coy. we ll be right back. and administrative paperwork, your days of drowning people are numbered. same goes for you, budget overruns. and rising costs, wipe that smile off your face. we re coming for you too. at optum, we re partnering across the health system