because oil producing countries agreed to continue cutting production basically to push up prices which seems to be working so far. saudi arabia said it would make cuts of1 million barrels a day injuly and 0pec+ said targets would drop by 1.4 million barrels per day from 202a. 0pec+ accounts for a1% of crude oil and let s get more for our middle east correspondent. it was widely expected before the meeting started on the weekend that 0pec+ would reduce oil production because it is hovering around $75 a barrel. there are concerns it could fall further with global economy struggling and demand wiggling. saudi arabia and some countries were really keen that the oil group goes ahead and makes another cut as a group but most countries were against that idea because any would cut the oil revenue crucial for their economies. saudi arabia was the only one who could make the cut and be able to manage its budget. why is saudi arabia keen to make these cuts? if you look at oil prices as
i ll find out why that is so important, notjust to us but to the uk economy, as well. swapping celtic for spurs is manager ange postecoglou set for a switch to the premier league after his treble winning season in scotland? good morning. the weather you had last week will be very similar to the weather you will get this week. this morning is a cloudy start, the cloud burning back to the east coast but breezy and cool. the best of the sunshine in the west. all the details later in the programme. it s monday the 5th ofjune. the duke of sussex will become the first member of the royal family for more than 100 years to give evidence in court this week as he enters the witness box in his legal battle against mirror group newspapers. prince harry claims his privacy was breached byjournalists and investigators working on 33 stories about him, dating back decades. mgn has apologised for the use of unlawful methods to gather information including phone hacking but says executi
optimism is reflected in the stock markets as well. this is how the nikkei has started trading. it has been at 833 year high so we see a bit of profit taking. a 33%. the last quarter outperforming any major global indices as well. let s begin nobuko kobayashi joining us from kyoto. thank you forjoining us on the programme again. what did you make of this much stronger than expected gdp figures? yes. make of this much stronger than expected gdp figures? expected gdp figures? yes, it beat expectation expected gdp figures? yes, it beat expectation by expected gdp figures? yes, it beat expectation by one - expected gdp figures? yes, it beat expectation by one point| beat expectation by one point which is quite phenomenal. if you peel down, break down the different, the surprise comes especially from the investment in private sector. the personal consumption was in line with expectations but particularly on the business side, it was a positive surprise. i on the business s
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
agreed to continue cutting production basically to push up prices which seems to be working so far. saudi arabia working so far. saudi said prices which seems to be working so far. saudi said it would make cuts of1 million barrels a day and targets would drop by 1.4 million barrels per day from 2024. 0pec+ accounts for crude oil and let s get more for our middle east correspondent. it more for our middle east correspondent. more for our middle east correspondent. it was widely exected correspondent. it was widely expected before correspondent. it was widely expected before the - correspondent. it was widely| expected before the meeting started that 0pec+ would reduce oil production because it is hovering around $75 a barrel. there are concerns it could fall further with global economy struggling and demand wiggling. saudi arabia and some countries were really keen that the oil group goes ahead and makes another cut as a group but many countries were against that because ma