first it was saudi arabia which announced it was cutting its production by one million barrels per day from august. then russia said it was cutting its production by half a million barrels per day from august too. the cuts mean global supplies will be reduced by around 1.5%. let s go live now to our middle east business correspondent, sameer hashmi. it doesn t sound like a lot, 1.5%, but it could have big implications. explain how important these two players are. explain how important these two players are- explain how important these two -la ersare. , ., ~ ., players are. let s talk about saudi arabia, the players are. let s talk about saudi arabia, the largest players are. let s talk about saudi arabia, the largest export - players are. let s talk about saudi arabia, the largest export in - players are. let s talk about saudi arabia, the largest export in the l arabia, the largest export in the world. these cuts were announced last month and they were not announced as
european union leaders have agreed a compromise plan to block more than two thirds of russian oil imports. european council chief charles michel said the deal cut off a huge source of financing for the russian war machine. he added that it put maximum pressure on russia to end the war . european commission president ursula von der leyen praised the deal. i m very glad that the leaders were able to agree in principle on the sanctions package. this is very important, thanks to this council should now be able to finalise a ban on almost 90% of all russian oil imports by the end of the year. joining me now is janet mui, investment director, brewin dolphin. yesterday the oil price was up around $120 a barrel. what will this do to relieve the pressure on the oil price? this will incrementally support the oil prices, of course we also have the story that china is reopening shanghai so that will also put pressures on oil price. i think so far the supply from russia will be diverte
Be giving us The Inside Track. What we are sharing, what we are liking and how valuable that data is. And, The Red Telephone Box is 90 yea rs and, The Red Telephone Box is 90 years old, so it is overdue for a makeover. It is all about getting a new age to look. When did you last use a phone box . Use the phone use a phone box . Use the phone use the hashtag. Welcome to the programme. One of the worlds Biggest Energy companies bp has seen another sharp fall in its annual profits. Its of particular interest this time as oil prices have been recovering thanks to the agreement reached at the end of last year between the oil cartel 0pec and non members to cut production this year. The compa nys preferred measure is underlying replacement cost profit. That came in at 400 million in the last three months of 2016. That means that for the year as a whole bp made 2. 6 billion, a 55 fall on the year before. But chief executive bob dudley said that the year had seen significant strides in creating
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biggest trading partner. and before we go, an update on the price of bitcoin the world s largest cryptocurrency is trading at about $31,600, up by over 7.5%. it s been a turbulent year for bitcoin which has seen its value consistently tumble. bitcoin was trading atjust over $25,000 earlier this month. that s less than half of the value of its peak from november. china s factories still struggled in may, but the slower pace of contraction suggests that the worst of the current economic fallout may be coming to an end. joining me now is duncan wrigley, chief strategist at everbright securities international. is the world going to swerve a global recession if china s factories pick up the pace? yeah, ithink yeah, i think that china s