Alberta government imposes oil production cuts for province


By the quotas, essentially agreed by Qatar Qatar is not committed to opaque agreements off to exiting the cartel that all according to catcalls oil minister, the Canadian province of a batter. Meanwhile, has ordered unprecedented cuts and all production to ease a growing crisis in the national energy sector. The plan will lower output of crude by three hundred and twenty five thousand barrels a day to draw down excess inventory. Canadian producers have been hammered by record low prices brought on by surging output, and the oil sands prices were at one point fifty dollars lower than US greats. Let's talk a little bit more about these markets and how they're being shaped by the all story this morning as well. As by the trade story, Bloomberg editor Toco Yamazaki joins us now tobacco. Great to have you on. So how are markets taking this trade? Truce from your perspective. Good morning, so summing it very simply the reaction seems to range from a bit of hope see professionally positive, but still work in progress. We're seeing some greens as you pointed out in Asia, and that's heading into European trading. But there are hints of skepticism from quite a number of sources we spark smoke into. They're saying that we've yet to see how off all this trade war will unfold. One of them was telling us that the China effectively bought time as a slowdown seen recently in their economy. Then they can't really afford to have a head to head conflict. This time around us the outcome. We saw and another was telling us basically saying that the US one eight two two against China. And that's because they managed to convince China to bring about structure economic changes by giving them sometimes on the terrace front, right? Yes. To some extent, I suppose. Something was in there for everyone. When it comes to this trade arrangement between the US and China. Let's also look a little bit more specifically at emerging market assets to mocha we're seeing both EM shares as well as currencies riding today. What do you think is going to be a big focus now four EM now that the Trump she meeting is out of the way? Right. So the big international event post, you twenty to focus that traders are telling us was the OPEC meeting on this Thursday and the deal between that you just mentioned between Russia and Saudi actually opens the door for a deal with the at the meeting and Vienna to discuss output cuts do take note that oil prices in November had suffered the largest monthly drop since the global financial crisis in two thousand eight so this could be a much closely watched event and also you mentioned about Qatar. Now, we're not seeing much of a retracing though, prices per is symbolic for OPEC that one of the. Members that have been there since the nine hundred sixty s are leaving. But in terms of producing seems like they account for less than two percent. So the direct impact may not be that big. Yeah. Absolutely. The country is the eleventh biggest oil producer within OPEC at about six hundred ten thousand barrels a day in October. So perhaps a major all pretty more of a gas producer. Thanks so much Taku Yamazaki for joining us this morning in for real time market, commentary and analysis. Check out markets live. That's M L I V on your Bloomberg terminal now in some more results from the g twenty or some more headlines rather from the twenty South Africa's finance minister says that the government is prioritizing regaining an investment grade rating on its debt as part of its plans to revive the country's stagnant economy. Speaking exclusively to Bloomberg inborn, Azzaro, Tito mobile weenie, says South Africa is focused on lowering debt and showing. Restraint in fiscal support for state owned companies prior to number one and number one because we have to get out of the statues that were in back to appropriate investment grabbing. And while did this change will not happen because we simply wanted to be the case the change will happen because of the things that we need to do. So that was South Africa's finance Minister Tito Mboweni now when it comes to Brexit this morning. The Prime Minister Theresa may is fighting in other grueling battle this week as members of parliament Sinclar teeth into her Brexit deal out of next week's crucial vote. Bloomberg's David Goodman reports on Monday politicians on both sides of the pressure might justify disagreed with the European Union by the government's ten legal advice and opinion, cold. Meanwhile, the opposition labor party feather a next week's key con intrigue. Oh signal propose a motion to bring down the government as is widely expected the prime minister's times in London, David Goodman, daybreak Europe. Meanwhile, the EU is also turning up the heat on Italy demanding of the populist government lowered budget deficit target from the state of two point four percent to below two percent, lower Republica, the Italian newspaper says Brussels want spending cuts of at least five billion dollars to potential sanctions for breaching E U budget rules. The Italian parliament will debate the proposed budget on Wednesday. But a look at our top stories when it comes to finance and business. Let's get some more headlines from around the world. Here's Bloomberg's Leon guarantee. Good morning. Good morning, Markus in France. President Macron is ordering his prime minister to hold talks with political leaders and demonstrators the yellow vests movement. This comes after another weekend of protests in Peres Burg's, Greg. This Cousy reports the president returned Sunday to inspect the. The damage and hold an emergency cabinet meeting afterwards, indicating is open to dialogue with the so called yellow vests who opposes tax and environmental policies, but the yellow vest movement is totally new phenomenon France, and so far hasn't been able to produce any leadership and its demands keep growing in Paris, Gregory gerski, Bloomberg daybreak Europe. Andrius man will Lopez operator was inaugurated as Mexico's president on Saturday. Bloomberg's Erik Martin says he's beginning to outline his vision for the country in his speech in the lower house of congress. He delivered a blistering attack on the energy industry overhaul passed under his predecessor investors are now looking to see which side of Lopez over or emerges as leader of the nation in Mexico City. Eric Martin, Bloomberg daybreak Europe. Prime Minister Benjamin Netanyahu's legal troubles are just getting was piece recommending that. The Israeli leader stand trial for bribery in a third corruption case from Tel Aviv bugs Jonathan I a reports this one. Involves allegedly trading favors with the chairman of Israel's biggest telecom company who says he's innocent and accuses police of conducting a witch hunt in Tel Aviv Jonathan Bloomberg daybreak Europe. And South Korean president moon. Jae-in has arrived in New Zealand straight from Argentina, we where he attended the g twenty summit, Bloomberg's Tracy. With us says talks are also expected to include North Korea. New Zealand Prime Minister, just send early Tuesday and is expected to update here on caused improve the World Trade Organization and on the truce in the US China trade war is New Zealand's fifth biggest trading partner and the to sign a free trade pact in two thousand fifteen in Wellington, Tracy with us. Winberg daybreak Europe cable news twenty four hours a day

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