Starts to kick in many key countries around the world the demand for oil is increasing but at what pace? that s the question 0pec+ will be trying to answer as leaders meet today virtually to talk about oil supply and production quotas. Also on their minds is a possible increase in iranian supply. In april it was decided to return two point one million barrels per day of supply to the market from may to july, as it anticipated global demand would rise despite surging coronavirus cases in india. So what s next? let s go live to dubai and talk to our middle east business correspondent sameer hashmi. Good to see you. What are we likely to see happen today? most likely the consensus is that 0pec+ will stick to the plan they announced at the end of april, that between may and july they would increase 2. 1 million barrels of oil per day and they will stick to that plan and not take any decisions beyond that. There are multiple factors. If you look at the prices, they indicate demand is pick
hello, welcome to the programme. we start in northern ethiopia and some disturbing videos obtained by the bbc. they appear to show the killing of unarmed civilians by people apparently dressed in ethiopian army uniform. in november, the government launched a military campaign in the region of tigray this was after an attack on an army base there thought to have been carried out by the rebel tigray people s liberation front. there have been accusations of serious abuses by all sides in the conflict. our africa correspondent leila nathoo s report contains images that some will find very disturbing. gunfire. armed men in uniform leading a group towards a cliff edge. gunfire. bodies appear strewn across the ground. a man is urged to throw one off the cliff. these graphic videos, and others like it, were passed to the bbc and began circulating on social media last month. we have been able to match elements of the landscape shown to features visible on satellite images to identif
where there were questions over how unified opec could be are particularly after angola left the cartel. now we re seeing that there and it also a sign that 0pec+ are really showing a strong defence of $80 a barrel floor in pricing. what they ve done here is really built a fence, surplus will keep the market in deficit with a view for demand and return more strongly in the second half, allowing cuts to be unwound and actually deficits to be sustained through the course of the year, keeping that curve, keeping prices elevated. so is this cut priced in then, or are we likely to see a bit of impact on brent prices? we have obviously seen thejump in the immediate aftermath of this. there is already uncertainty as to how demand plans out but we re seeing a structurally bullish outlook for the rest of year where, if demand does recover, particularly injet fuel and some emerging economies in the second half, sustained deficits on top of what was on already precarious with stocks and
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
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