Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, post-9 of the New York Stock Exchange. David Faber has the morning off. Let's kick off Q2. Futures are mixed after OPEC gives us that surprise production cut. Got some Monday M&A. It is a holiday shortened week. We'll still get the job's number

on Friday. Our roadmap begins with a second quarter surprise. OPEC announcing that cut as it comes

after the longest monthly losing streak for crude in about nine years. Tesla's strong quarter

deliveries top 422,000, up 36 year on year. And after months of searching, WWE finally has a buyer.

We'll get to that. We'll begin with the markets, kicking off Q2, oil prices, stocks rallying on this cut by OPEC Plus Nations, Jim, on a voluntary basis.

It's about a million and a half barrels a day. Yeah. Look, I think a lot of people felt the win.

Yes, the Strategic Petroleum Reserve would be refilled, and that might have been a bid under the

market. It said it didn't happen. And then a lot of shorts pressed their bet because they were

making so much money. Remember, it was cut in half. So it's really well timed.ught. Oil stocks are starting to go up in the last week, so maybe there are some people had wind of it. But overall, I don't know how strong it's going to be. We're going to lighten up on some oil for the trust. And the reason we're going to do that is because, again, the economy's getting a little more anemic except for China. So they may do this, but that may only just take off what might have been a problem with demand anyway.

So I don't want to get too excited about it.

I do want to know is when you speak to the big drillers and service companies, they think that Russia

is going to have a problem

producing as much next year, simply because they don't have the technology anymore, but it's not

this year. But it would be very interesting to watch if Russia becomes less of a power in oil.

Yeah. Well, some stories on the tape this morning about Russia, their seaborne flows hitting

new highs. Right.

That could be an offset.

Well, they're good.

I mean, that was something that, you know, an SLB might have worked on.

In 1910, Standard Oil and Russia were the two biggest producers.

And Standard Oil, of course, then became just a lot.

They split it up. But it is amazing

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