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World Business Report: First broadcast 2019/07/01 00:06 GMT: OPEC agree on need to extend oil production cuts

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OPEC agree on need to extend oil production cuts

First broadcast 2019/07/01 00:06 GMT

First broadcast 2019/07/01 00:06 GMT: OPEC agree on need to extend oil production cuts

BBC World Service - World Business Report, OPEC agree on need to extend oil production cuts

OPEC members have agreed on the need to extend oil production cuts

The Saudi Energy Minister Khalid al-Falih has said that members of the oil cartel the Organization of Petroleum Exporting Countries have agreed on the need to extend oil production cuts, though they remain undecided whether it needs to be for six or nine months. David Fyfe at the Argus group and Ellen Wald of the Atlantic Council weigh in on the cartel’s strategy and larger politics going on.
Also in the show, the European Union has signed a landmark free trade deal with Vietnam on Sunday, paving the way for tariff reductions on 99% of goods going between the two. Charlie Robertson is an emerging markets specialist at Renaissance Capital and explains what it brings for both parties.
The chief technical officer of Finnish phone maker Nokia has raised eyebrows speaking candidly about security concerns over rival Huawei’s involvement in upcoming 5G networks, prompting Nokia to disavow the comments. The comments were made to the BBC’s Rory Cellan-Jones, and he tells us what happened next.
Shares in Swiss companies will be blocked from trading on EU exchanges Monday, as the two sides try to resolve a dispute over a treaty designed to harmonise regulation between the two. David Oxley of Capital Economics explains how the dispute came about.

And the BBC’s Guy Hedgecoe gives us the latest from Madrid on protests against the suspension of a ban on the most polluting vehicles.

(Picture: Saudi Arabian Energy Minister Khalid al-Falih and Russian Energy Minister Alexander Novak attend an OPEC+ group meeting in the Saudi city of Jeddah on May 19, 2019. Picture credit: AMER HILABI/AFP/Getty Images)

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