calling out on opec. certainly. i think it's been 3 times publicly. i'm sure there's been some other private talks as well. and the release of the strategic reserves, i mean, those are last ditch efforts. we are far from the point of last ditch when it comes to the imbalance between supply and demand. and when we've got another 5 to 10 years to go on this and pull back by the administration to above this point with respect to, you know, development in this country investment in drilling and production. again, i understand it flies in the face of, you know, initiatives to go green, but at the same time it takes, you know, a long time turn around the ship as large as the united states let alone the world . and so therefore, you know, to go ahead and put a full stop on production in this country and for to allow all sorts of constituents to put pressure on the oil majors to stop investing. and at the same time to go ahead and pull out your last the jeffords in terms of what you can go ahead and throw at opec in order for to get some help. which again, to

from opec to d.c. where senator joe manchin says he's not in talks with white house or top democrats on reviving the $2 trillion tax and social spending agenda. that leaves the administration's signature domestic initiative stalled. let's get the details with bruce einhorn. it was not that long ago that the possible non-passing of build back better was a huge issue for these markets. what does it look like now? what is biden's next step? bruce: dani, we are now in the new year and once again talking about joe manchin, the 50th vote in the senate. we need to keep in mind when joe manchin said there were no negotiations going on, he said at this time. we do know that the majority leader chuck schumer has been talking with joe manchin, was talking with them over the break about build back better. he was also talking to him about the voting rights bill that the democrats want to move forward. as far as what comes next, first, we know there's going to be a deadline january 17. that is the date chuck schumer

so is all the power in opec plus his hands at this point? and do they have any responsibility to do what the administration says or can the us or should be us at this point be doing more. and i know you're going to say yes on that one. i listen. i think that the us should never given up the fracking in the shell, producing in the 1st place, all at one time, assuming that they could get a project done that isn't going to be done for 10 to 20 years. but opec is not going to cut any breaks and, and president biden can send all the letters, make all the phone calls you want. do you think they really care what he says? all that means is they're gonna hold up supply even further to raise prices further . they have no, they don't have our interest in heart. they have their own interest at heart. they could care less. they are one of our, even though they're an ally. there are still really anatomy and they are part of more part of russia and china, and they're going to stick it to it as hard as they can because oil is so low for so long. so they hav

nigeria is having problems even if opec wanted to raise more output, could they do it? it doesn't look like they could. >> you're ababsolutely right, brian, a number of countries to add to that. many countries can't raise their production we're seeing opec, despiting promising to increase 400,000 barrels a day every month we're not seeing that delivered into the market because countries can't meet their kquotas could this be addressed at the meeting and saying we're going to allow other countries to compensate it's a controversial subject none of these countries would want to see their quotas revised. and there's really only two or three in the group that could raise their production and have the flexibility to do that that's partly why we're seeing prices rise. there's a concern there's no more spare capacity. capacity is being eaten up. >> two of the three countries that have the ability to do it, the saudis could raise production if they wanted by a lot. and then you have the uae. the uae wants to stay on the good side of the biden administration, maybe there's chall

but it looks like opec is trying to sort of achieve some of the price stability. and i think larger, they'll be successful over the course of the average over the course of the year. they'll be spike up and down. but i think that's what they're going to be trying to do about 30 seconds live and we keep hearing about a $100.00 barrel per per barrel oil. and we're certainly edging towards that. but is that a reality in your mind? well, i think it's a possibility. many investment banks are calling for that, but it really does depend on the supply side of the equation because that's where the market is concerned. that really is saudi arabia, kuwait, united arab emirates, is where the and says production capacity still exists, and the market is skeptical about the rest of the opec membership being able to increase production. andy la power, the power oil associates, and i have your miranda openness, l, l. c. thank you both for your time today. thanks for having me. and i'm now for a quick break, but when we come back, the target lira has seen its price viral. recently

no. octavio going back to opec. plus, do you expect them to continue with this gradual increase or decrease in production, or are they going to say that see the same thing that you're actually seeing here, which is this is having really little effect on demand. maybe we can start to put a little bit more on the market, especially as people started concerned about paying so much i think opaque, you know, they, they put these trucks increases on the table. well before micron outburst occur. so that's been, i've been talking about this for several months now. so this is some of the predates read this outburst that we start to see in mid december and in terms of on . but i think what opec is going to do is basically adapt it's production goals based on the demand that they see. so as demand continues to accelerate and continue increasing, opec is going to up as production as well. now they're not always going to be able to keep perfect pace for that. there's a big lag behind between when opec decide something when it ac

we need to see more production whether that comes from opec or more drilling. busy here in the us, and even though our rig counts has been increasing increases in production to so many months or a year away from satisfying the shortfall that we're seeing today. now when we do see these inventories not only a commercial crude oil stocks been drawing, but the strategic petroleum reserve is drawn 62000000 barrels since july of 2020 further exacerbating the supply shortfall. however, we do see some warning signs with gasoline inventory building 22000000 barrels over the last month. and there was a concern on the jet fuel frontage. we've seen many airlines cancel flights, whether it's due to weather or toby staffing issues. any, i want to actually, because you kind of mentioned it's going to take a while for us production to kind of get to the point where it's actually going to help them market out, or at least lower the prices for those here in the united states to actually rely hot gas for instance. you know, you haven't actually mentioned one of the talking point

what does opec-plus have to say? >>'s to their plan -- ease concerns of the leaning negative impact from omicron and they have certainly eased concerns by saying there would be a reduced estimate for a surplus in the first quarter. the plan was 400,000 barrels a day increase. they did that in january and have agreed to do that in february. as you can see on the bloomberg terminal. the reaction, very supportive. it was a bullish day in new york. oil up almost 2% at the high point. we are now seeing in asia it is expanding past that. in london, u.k. traded brent crude, $80 oil for the first time in more than a month. the key takeaways in with the 23 nation alliance decided to do, approving the monthly increase for february. it produces estimates for first quarter surplus due in part to the weaker supply growth survival but also there have been production issues by several member countries. we talked about libya and nigeria, they have all recently struggled to meet higher numbers. in actuality, there could be less than

we have seen that from the day opec started. overall, how difficult is it to forecast how much demand for oil there will be from china? amrita: right now, it is very tricky because china is embarking on a slightly longer term policy which has been reducing emissions or energy intensity. that has included key energy sector such as refining. we are seeing china -- we are not seeing china give out export quotas. usually, you should have those quotas announced before the end of the year and we still don't have those numbers. it is difficult for refineries to plan. you must take demand is fine but china is a big products exporter. they don't have product export quotas. i would say this is a paradox shift in the market. it means other countries like india and korea will have to run more because ultimately, as demand picks up, someone will have to service that. tom: when it comes to the question of iran, some modest progress in terms of negotiations with vienna. is it too early to start factoring in iranian oil? amrita: it is still a l

but i think what opec is going to do is basically adapt. it's production goals based on the demand that they see. so as demand continues to accelerate and continue increasing. opec is going to up as production as well. now they're not always going to be able to keep perfect pace for that. there's a big lag behind between when opec decide something when it actually gets implemented, they're not always every country member of opec is not always perfect in terms of meeting its production quote to their problems and production and that sort. but i think what we'll do is they will increase production more aggressively as the c demand being robust and carrying on and basically stabilized by so that way. but in the, in the short term, they'll be spike's, up and down. particularly as demand is more volatile than production that you can't simply turn on this because as easily as demand goes up and down. so we'll see short and volatility. but it looks like opec is trying to sort of achieve some of the price stability. and i think larger, they'll be s

opec are already increasing - opec to do more. opec are i already increasing production, they are increasing by 400,000 barrels a day every month. but the thing is not everybody is able to do that due to lack of investment. so it is not as if they have not a lot of extra oil. they have a plan and they will stick to it and the biggest challenge is the spare capacity bottleneck that 0pec has is not very much. capacity bottleneck that opec has is not very much.- capacity bottleneck that opec has is not very much. great to talk to you — has is not very much. great to talk to you and _ has is not very much. great to talk to you and thank - has is not very much. great to talk to you and thank you - has is not very much. great to talk to you and thank you for. talk to you and thank you for your time in talk to you and thank you for yourtime in the talk to you and thank you for your time in the early hours of the morning. we will see you again soon. now do you dread job interviews? if so is it the idea of getting grilled with unexpected

opec, talking about omicron, opec does not see the impact of omicron having an enormous take on prices. they think asia will be able to pick up the demand despite maybe a drop in demand in europe or the united rates were omicron is spreading quickly. that is one thing they will be looking at as they go into the meeting tomorrow. they expect a tight market, they will advance apply. -- add that supply. manus: let's see if they are brave enough. let's get up to speed, i am ahead of myself. >> president biden has reaffirmed u.s. support for ukraine solver tape. -- sovereignty. the white house says the u.s. and allies will respond if russia invades ukraine. sanctions are among measures discussed. china's evergrande shares have been suspended from trading in hong kong after an announcement containing inside information follows local media reports the company has been ordered to pare down apartment blocks and a development. a building permit was illegally obtained. u.s. airlines close out the bumpy holiday season with staff shortages caused by the rapid spread of the omicron variant, adding t

everything on his call from oil at $90, opec, and natural gas. juliette saly is with us in singapore. >> elizabeth holmes has been found guilty of criminal fraud over the collapse of her $9 billion blood testing company. a u.s. federal jury convicted holmes on four of the 11 counts she had been charged with. she faces up to 20 years in prison. she is expected to appeal her conviction and any sentence she gets. credit suisse says it is laying off 69 employees in new york according to a company filing for job cuts. the move comes in the wake of the rk goes collapse which cost -- archegos collapse which cost credit suisse. the washington post reports that today is the end of life date for the blackberry. the company is warning devices running on the blackberry operating system will not reliably function, be able to send text messages, or dial emergency services. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: coming up, the new

we have the opec meeting coming up. opec and its allies are set to restore oil production. they will meet on tuesday after giving a tighter outlook from global markets. we had the libyan outage as well. oil market reporter, sharon is here with us. what's going on, sharon? sharon: we are seeing some volatility ahead of the opec+ meeting. and at this meeting, analysts and traders are expecting to see another 400,000 barrel a day hike. the technical committee that analyzes the market on behalf of the ministers actually sees a smaller surplus of crude in,. that short-lived impact is expected from the omicron variant since the world is becoming better equipped to manage covid-19 and its challenges. yvonne: it seems like there is less of a concern that omicron will impact demand like delta did. i am wondering what this means for opec in general. are they likely to raise in the coming months here, more? just given the fact that omicron is not as concerning right now? and in our that they are willing to go back to the pre-pandemic levels, or are we still a ways off from that? sharo

politicians there will be calls for opec to raise output, but can opec raise output above and beyond that 4,000 barrels a day that it already is as you know more than i do some country, saudi arabia, uae, they could raise their output, others may not be able to. and under their deal, they all have to go in together the 14 musketeers. >> absolutely, absolutely, and i think this is critical, right? and like i said, i'm sure the headlines will continue to come in thick and fast. you're going to get politicians point pointing fingers at opec again if you look at the volatility in oil prices versus natural gas, it has been nothing in comparison the deal is to add 400,000 barrels per day every single month. but of course the challenge that opec faces right now is they are adding about half of that volume, because several countries, particularly in africa, are just unable to add their share. because the share of investment is declining that is the challenge. but, just a month ago or even less than a month ago, people were asking about will opec pause or will opec correct they are adding eve

the combination of rising opec-plus supply and u.s. production will start away on prices as we go through the year. alix: you have timing for that? it does feel like opec-plus cannot even reach the target it is setting for itself. i wonder how tight the market is right now and how that evolves, particular into the maintenance season for the winter. caroline: outnumbers suggest market -- our numbers suggest the market will balance in the first quarter. that is a conservative production forecast. it is a slowdown in the growth and demand. it is coming from a much higher base in 2022. our current forecast, even with lower production from libya, which now seems likely for a month or so, still points to a small surplus in the first quarter of this year. we forecast prices will be falling over the course of this year. guy: can you plug in higher natural gas prices into what you are seeing at the moment? huge moves, well off our highs. half what we saw midway through december. nevertheless huge volatility. how much of a wildcard is this in te

we have to talk about the opec meeting on the agenda. the major theme of 2022 is inflation, largely being driven up i oil prices. let's talk about what opec has done historically because they have come under a lot of scrutiny from a lot of oil consuming nations. japan, korea, and the united states saying you have to fight those inflationary pressures. oil output coming all the way back to 1999, and how quickly or how much time it takes to actually recover some of that output after a recession. after the -- after 2008, it took seven years. they are using a slow and steady approach in terms of hiking output, and they are able to do that because they are meeting some of those fiscal breakeven rates. saudi arabia breaks even at $78 a barrel. brent prices hovering just near $80. similar story for russia. there breakeven rate at $69 a barrel. so they are making money. those concerns of 2020 is not really the case anymore. tom: kriti gupta, thank you so much. the microeconomics of oil, always fascinating, with huge uncertainty around it. part o

now, opec plus has agreed to boost oil output by $400000.00 barrels a day. the oil producing group and allies, led by russia took that decision after meeting in vienna, just to put it into context before the pandemic. the world was consuming 99700000 barrels of oil a day slumped to 90000000 in 2020. i was believed to have reached around 96500000 last year. opec is predicting that demand will exceed pre pandemic rebels and actually correct the $100000000.00 a $100000000.00 barrel mock up per day in 2022 more on this. so with those of jabbar who's outside opec headquarters in vienna, what's will take us through more of what's come out of this made and also well, this was a virtual meeting held by the 13 opec members plus 10 other countries, including russia. and they've taken this decision to continue to increase opec's output as they did last july, following the huge slash that they took in at 2020. as a result of the pandemic, opec decided in 2020, that to add they will cuts output by 10000000 barrels of oil for day. now as of july, they've decided that they

opec wants to be able to make as much money as possible. we all know that, and that's not a surprise to anyone. but the fact is, is that they kind of leaned on the idea of kron variant being, the reason that they were going to see a slow down and transportation again to slow down in the airline industry. and all of that, we're going to impact fuel price and what actually hasn't really impacted fuel prices. and yet what we see is that opec really isn't in a rush to change anything, right? they want to keep the supply as low as they can. they're increasing by 400000 barrels . busy per day, per month is what the increases right now. that's a very small amount. what's interesting about this though, is the question i guess moving forward, which is what is actually going to change in the next few months. and will there be a change in, at this point, opec has just elected essentially a new head of the cartel, who's going to be running it. and nothing's really going to change. it's going to be businesses usual. they're going to continue to do what

we will see that rise, opec is meeting on tuesday. the expectation is that they will add a modest amount of barrels. we are seeing the earlier losses we saw in the previous session, they had a rocket finish to 2021. they had the worst month since may or so, for the cryptocurrency. we continue to see more investors getting into the action with crypto. >> let us take a look at what is in store for commodities. we have a bloomberg energy reported with us, stephen, what is opec's next move in terms of overturning oil to the market -- in returning oil to the market? >> there is an expectation that opec has been signaling that there will keep with their production increase. according to a bloomberg survey, of analysts, most agree that is what is likely going to happen. opec has taken the view that omicron and the recent outbreak in europe and the united states will be a speed bump for demand. they do not see it having an enormous impact. they think that the market will tighten quite a bit going into 2022. we are going into a new year. going

donald trump didn't beg opec. >> he's not begging opec, he convinced opec and opec is increasing their production in the month of january, why do you call it begging? >> sean: he dramatically shut down -- >> why are you complaining about that? your all over the map here. you don't like to pay high gas prices, i told you gas prices came down and biden convinced opec to increase production. >> sean: if you want to end inflation, professor of economics at the prestigious booth institute in chicago, if you want to cut inflation, one of the things you can do is increase the supply of energy which he artificially reduced by 40% because of energy policies. by the way, he cuts them even further, exploration in alaska again this very week. >> how do you respond or how do you react to the fact that energy production is now up dramatically in the united states? it is higher than in any year under then in donald trump, higher than in previous year? there are two years under donald trump for it is higher than what it will be. but it's very high by historical standards in the united states. >> sean:

alix: if we see demand come back stronger than opec thanks, what are the chances opec-plus can pump more than 400,000 barrels a day? at the same time, where is the u.s. in all of this? >> that is still a big question. some of the spare capacity -- whatever they have right now, it is smaller and shrinking. in terms of the u.s. stepping in, there is growth, but remember, u.s. producers have a new strategy in place. they want to appease investors, focusing more on returning profits back to investors, rather than grow and expand production in a very large way, like they did in the previous years. they are aware of what has happened in the last couple of years in terms of prices, how it got really low and hurt them badly. they are changing their outlook of how they want to approach, expansion. alix: trading at 77, you wonder if president biden will not pick up the phone and call the crown prince. thank you so much. still ahead, it was a very wild ride were crypto in the past year. apple is outperforming bitcoin, but what is ahead for the sector? we will get more from brian mosoff from ether c

it's believe have gone up to $96.00 and opec is predicting demand. however, will exceed pretty pandemic levels. in 2022 will get up above 100800000 barrels a day. more on this with us to barne vienna. this was a virtual meeting held by the 13 opec members plus 10 other countries including russia. and they have taken this decision to continue to increase opec's output as they did last july, following the huge slash that they took in at 2020. as a result of the pandemic, opec decided in 2020, that to add they will cut output by 10000000 barrels of oil for day. now as of july, they've decided that they're going to slowly start to bring that number back up to make up for that deficits. they're hoping by september of this year, they will be going back to free pandemic levels of production. this is important because of course, opec provides 40 just over 40 percent of the worlds are oil supply. and this meeting today was just another reiteration of their position that they will continue to increase production of 4 of $400000.00 barrels of oil per day. for t

that is the one concern that opec has. china, asia's biggest oil user, has shown signs of weakening fuel demand because of its relentless covid policy. that is another factor weighing on opec-plus. they could pause these monthly increases down the road, but what we are looking at for later tuesday is pretty much baked in. shery: su keenan the latest. right now we are hearing that china's hunan province has announced a partial lockdown after we saw covid cases rising. we continue to see the omicron variant, the spread of covid wreaking havoc on the chinese economy. eurasia group saying china policy could be one of the top geopolitical risks. we spoke to hoover institute bus senior fellow about why the country's pandemic measures are such big concern. >> in spite of the massive case explosion, the developed world is going to feel more normal, finally, within weeks. but that is not the case at all in china. the ability to live with the virus, an extremely transmissible virus that is not as fatal, is the exact opposite of chin

are not officially in opec. they've been under a lot of pressure from people such as president joe biden in the us and others, to increase production, because the price of oil has been historically very higher, you know, a few months ago it was around $85 a barrel, a roundabout there, a barrel of brent. we should see what barrow pack plus meeting, —— what the opec plus meeting, as it concludes today, what they decide to do, that could have an impact on the price of oil as the day progresses. you are up as the day progresses. you are up to date on all things business, news and sport. see you soon. after what was an exceptionally mild start to the new year, we have now started to see quite a dramatic change in our weather. something much colder has been working its way in. a chilly—feeling day for tuesday — snow and gales for some of us, particularly in the north of the uk. the cold airfiltering in behind this band of cloud and rain with some sleet and snow on the back edge. ice a possible hazard across th

that lease opec basically free reign to decide the price of oil. and now today there's further concern about supply and specifically supply disruptions, the current damage and the attack on monday to the u. a. e. oil facilities. and i would be is not significant and of itself, but it does raise the question of what happens if there are more supply disruption in the region in 2022 and they attack, raise the geopolitical risk in the region, adding to the geopolitical price. premiums are already there as a result of the rising tensions between ukraine and russia. and in addition to calling on opec plus to actually increase supply, the byte administration is in the process of releasing up to $50000000.00 barrels of oil from the united states strategic petroleum reserve. that expected to have any impact at least here, especially given everything else that, that play some impact. but the strategic reserve at least was an attempt by, by them to try to bring down the cost of oil for the american people. so it was essentially coordinated release between the

i'm wondering, it seems like there are many analysts out there that see opec less as confident -- opec-plus as confident and can go higher from here. reporter: absolutely. you talk to some of the big banks and you are seeing the upper range of $80 to $90 as possible for this year for brent. a lot of it depends on new variants. a lot of it depends on what opec-plus decides to do. there are a lot of things that can change how the market reacts. we saw that even last year with joe biden saying they would release oil from strategic reserves. it doesn't have a large material impact on the market, but you saw prices go down about $10. while we are in an upward trend and while analysts are becoming more bullish on oil prices for 2022, there are a lot of downward factors and surprises that could hit prices going forward. rishaad: steve, good stuff. our energy reporter joining us from singapore. moving to some of the first word news headlines. . a look at japan as it will ring forward booster shots for elderly people, and in the meantime order controls as they slow down the speed of the omicron vari

francine: how high can oil goat this year and does opec -- does oil go this year and does opec come in? jeff: i will not give you that number. it got me in trouble a decade ago. in terms of risk, we are going into an environment which is unprecedented. if you look at that liquidity in the system relative to oil prices, it is still at low levels. that means a tolerance of the global economy is much higher than any other point in time that we have seen. if you put that into context with wages increasing, subsidies in europe, the upside could be substantial. if you go back to the opec plus ability to manage this, saudi, uae, the rest do not have the supply available. access to capital in this market is constrained. no one likes the space. they are not giving money to it. if no money, no ability to invest. i don't see that stopping in the near term. that creates the upside. tom: the question about growth in china, what is the demand looking like? jeff: despite the fact that omicron has led to lockdowns, so far it has not had a significant impact anything other than jim. the impact to deman

the opec plus countries, for example, are having difficult just to even meet their production quote, us at this point. so at this moment it does look that actually we could see $100.00 that at the end. we also depend on production in the united states and will also depend on demand, for example, from china, the 2nd largest economy on the planet organs. you mentioned that there, why is opec plus wire oil producers in general having such a hard time just pumping more oil? well, i mean, if you look at the united states, what has been the biggest producer on the planet in the past couple of years? a lot depends, for example, on the permian basin, that's where the shale production is taking place here in the united states, especially early on in 2020, when the condemning started, oil prices plunged. and so a lot of companies actually decided to take down those sale for production. and it does not work like a light switch where you can switch it on or off. so it takes time and investments to get production going again. and then we have those geopolitical tensions. pardon me, for example, i

opec is not think these prices are really due to fundamentals. they are definitely convinced that this is much more due to speculation in the market, geopolitical risk, so there is not a whole lot that they feel they can do. they are meeting next week, and it is very likely that they are just going to continue with their very gradual increases in production quotas, but remember that just because they say they are going to increase 400,000 barrels a day for next month does not mean that that oil will actually go on the market because a lot of the opec+ producers are basically tapped out at this point, and we are only going to see increases from the nations that are able to increase supply at this point. lisa: there is so much to unpack. you were talking about how they definitely seems to be a wish for oil prices to be lower by saudi arabia, and they can't do anything about it. is this because of some of the geopolitical speculation, or because of exactly what you were just talking about, that they can say they are going to ramp up production, but

that most opec+ countries are struggling to reach their capacity now, russia being one of them. even if they wanted to be able to pump more, it is going to be and could bleed difficult or get they are going to be dealing with higher oil prices for the next month, and it does not bode well for the fact that american consumers are already frustrated with higher prices and inflation. lisa: is this factoring into foreign policy? it is not just russia, but with china, which came to some agreement to do their own oil release in tandem with the united states, and we have yet to see everything come through on that front. annmarie: when it comes to geopolitical negotiations with russia, of course, natural gas and oil will come into the fray when they are discussing what kind of sanctions or export curves they are going to put on russia. it is more difficult for europe. they are on the doorstep, and particularly for germany. right now, we are waiting on whether the german regulators are going to greenlight nord stream 2. for germany and europe, this is a much harder issue when they are ne

how much spare capacity does opec have throughout 2022? will we get to the point where they run out of that spare capacity? julian: this is a question that, as the year goes on, as we see demand increasing in the way that people think it will this year, perhaps passing the pre-pandemic peak, towards the end of the year we may well see a point where spare capacity becomes a real issue. we have seen russian oil producers saying that they will have used all of their spare capacity by april. we are seeing other countries, some of the fairly big producers i've already mentioned, kuwait, but if you add in nigeria, angola probably hasn't got a lot of room for growth, there's a whole raft of them really running up against what people see. there is spare capacity elsewhere. there is certainly spare capacity in the united arab emirates and and saudi arabia, but what we haven't yet seen from the opec+ grouping, any discussion of those members that can making up for the shortfall of those that can't meet their targets. the discussion is still, believe

opec and its allies have agreed to increase oil. they met with saudi arabia and russia and approved the increase scheduled for february. group s plans to gradually resort output during the pandemic. this rose prime minister shows that it does bring a significant increase. israel became the first country in the world to offer the vaccine this week. >> who week into the fourth those that a higher degree of certainty. we know that a week after there is a fivefold increase in the number of antibodies. laura: a record number of americans quicker jobs in november. they push the rate up. the unprecedented level suggest a struggle for employers to retain their talent. global news, 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. francine: thank you. coming up, and energy dry is forced to buy euros as gas prices search. more on that story, next. this is bloomberg. ♪ francine: welcome back. we are seeing a little bit of a reversal but not to

lisa: we got news opec-plus is going to continue boosting output on a slow basis. what you think it would take for them to accelerate some of the recovery in the oil reserve based on the pre-pandemic and where we are now? will: the real issue with opec come as we get towards 100, they will come under huge pressure from the u.s. as they did last year to try and do more. they'll will be speaking to abu dhabi and say can we do more. one of the problems markets are focused on is there is not that much more opec can do. they will be back to close to maximum production, lots of opec countries are struggling to meet their current commitments. saudi arabia has been a capacity but washington and the rest of the world should be concerned about not using it up too quickly. that is the buffer the world has. we are talking about crisis in ukraine at the moment. that is the buffer the world has against unexpected political and economic events. we do not want to use that up too quickly. the oil market becomes tight. tom: will kennedy on short notice from houston, greatly apprecia