Welcome to the weekend bite presented by Wall Street breakfast.

I'm Leslie Osman and where to start.

Those are the words of today's guest and frankly, where do we start in the current

economic environment?

Leo Nielsen, a Seeking alpha contributor and macro expert,

joins us today all the way from the Netherlands to discuss the current state of

economies and more. Welcome Leo. Thank you very much for having me.

What do you make of OPEC's recent oil production cuts and Biden's resulting response to release 15 million barrels of U.S. reserves in December?

Well, I like to look at the bigger picture, which is basically one big mess. If you look at OPEC's decision to cut by I think 2 million barrels a day,

it's not that groundbreaking actually because a lot of OPEC class nations were actually already producing below

their targets and Kazakhstan is actually increasing production. So essentially the cut isn't that

isn't groundbreaking but it's still very bullish because what we are seeing is an increasing supply deficit.

In the US, production has pretty much peaked

even though you see some improvement in the Permian basin and in other shell plays.

But in general, all supply is growth, is very very slow and demand is coming back, if you if you're factoring factor in that China is going to ease its zero COVID strategy eventually but yes if you look at the bigger picture, Biden is trying to combat high gas prices,

especially in a very, very important election year for him.

And if you look at certain sink states like Nevada and Arizona, gas prices are way above average.

And releasing oil, well, I mean, it increases supply, but it doesn't solve the situation.

Eventually, the Biden administration will have to buy back these barrels.

And they aim to buy it back in the low 60s, 70s, bell, but I don't think that's going to happen anytime soon.

But yeah, I mean, essentially what we are dealing with is subdued oil supply an OPEC, basically announcing new cuts, even though it's not that significant.

It still shows their willingness to maintain low oil supply. So if you think of rebound economic growth maybe next year

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