just thank you. this is day w. news is still to come produce a group opec agrees to extend output cuts spent zylon will be out talking to an analyst and i start whether we will say be paying more at the petrol pumps. he'll do that and your business update which is on the way i'll be back up top of the hour with all of the days that world is itself a good day. every journey begins with the first step and every language with the first word i looked in the. rico is in germany to learn german why not learn with him it's simple online on your mobile and free stuff from d w z e learning course nikos fake german

made easy. g.w. true diversity. where the world of science is at home in many languages. on top of programming going there you know. now with our innovations magazine for asia. every week and always looking to the future fund d w dot com science and research for asia. at. the cost of crude rises says opec agrees to extend output cuts he talked to an analyst about whether it will be bangalore the petrol pump. global trade ministers promised to tackle steel subsidies they are. i agree are much more than that as

they squabble over tariffs and. dumping prices. at a strike about to pressure the government finally announces an inquiry into badly behaving back. i mean for us all and that's the business members of the opec oil cartel have been debating whether to extend a cap on global supplies and they've agreed to continue the deal until the end of next year a review is possible in june if the market overheats that is saudi arabia believes the market has yet to rebalance and warns it's premature to talk about exiting the cuts at least for a couple of quarters opec members also decided to cap i j as output but have yet to agree a cap for the both countries were exempted from cuts to one rest and lower than normal production or just prior to the news of the deal coming through i asked analyst spencer wells if we can expect oil prices to rise as

a result of an extension no i think will see very little change in the oil price because the the markets are expecting the deal to be to be rolled over so so that's already built into the market price price of the moment is around sixty three dollars per barrel and we actually expect a little bit of a weakening of price through the through this winter period that's quite normal demand for oil tends to be a little bit lower and production the united states is going up faster so we expect the all price to maybe age just back down into the into the fifty's high fifty's so so no not much change in price expected and what about the supply glut that everyone's been so worried about over the past couple years is there going to be any change is that going to slowly be eroded away. well the effectively there has been no supply got plot for the last year because opec has removed it by taking the one point eight million barrels per day of oil off the

market with the help of other countries like russia there was a glut twenty fourteen to twenty sixteen where a billion barrels of oil was put into storage there was too much production that had that hasn't been the case for the last year and in fact stocks of all have been gradually declining but we still have an excess of oil in storage and opec knows that and so that's why the pressure is really on them to extend the deal because they really want to get oil stock levels back down to the average average and briefly is there a lot more at stake right now considering rising geopolitical tensions in truth i don't think that makes a great amount of difference the the stakes were as high a year ago when when opec decided to form this alliance between opec and nano pick countries a historic alliance to try and push the price up and rebalance the market there was a quite a lot at stake then because

a lot of the opec countries were effectively running at a loss because of the low oil price geopolitics has as really as head with concerns in iraq iran venezuela libya nigeria qatar so there's a lot of there's a lot going on both it really makes a huge doesn't really raise the pressure on this deal opec has a history of being able to turn to make deals and to sort of turn to to manipulate the oil market even when some of its members have been a war ok a lot going on according to spencer wells but that oil price should stay quite steady thank you very much for joining us. still producing nations have agreed to dismantle market distorting subsidies the twenty ministers have been meeting in berlin to avert a trade war over steel of a capacity has been causing international tension but the deep divisions remain. expectations were low from the outset the interests of the participating countries

were just too varied the goal of the summit was to put the brakes on steel production worldwide to reduce crippling overcapacity but in the end that mission remained impossible there was at least some agreement as to the cause of the problem though it can and you know it finished members recognize the need to make sure that the market forces are working better and that means agreeing that there should be a reduction of steel subsidies that are distorting the market so. that agreement is not binding though the o.e.c.d. says currently the market is flooded with an extra eight hundred million tons of steel around five hundred million tons of it comes from china by far the largest steel producer in the world but europe is also producing too much and the u.s. is threatening further punitive tariffs and complaining of dumping prices. let's

talk about this with daniel cope our financial correspondent in frankfurt daniel will these nations suddenly stop subsidizing steel. well that's certainly something that steel producers here in germany and also europe are really hoping for but when you take a closer look of course of course there is now a sort of an agreement basically that also china was signing remember that at the g twenty summit i'm going to america even didn't even want to have this as a topic because she was feeling that this could create even more problems now we have sort of a deal worse countries for example like china are saying that they will stop this axis production but when you take a closer look at this paper it pretty much doesn't give any examples doesn't say any kind of goals what is going to be done in the future so yeah i do have grave doubts that too many things are not really going to change and the largest still make it china as you pointed out reckons it's made painful capacity because while

the rest of the world just watches to put it in the words of one of the chinese officials there is is that right. well very interesting remember that donald trump was just a few weeks ago and china and he was saying that this axis production is not even the fault of china that it is the fault of former president barack obama now when you listen closer to u.s. officials they have stronger words there at this meeting all were also those terrors that china might have to pay are still are again on the table of course china has done a lot in the past they have close more than six hundred steel facilities in the country but also when you take a look at what kind of importance china is giving at this summit today china didn't send the trade minister china was only ascending some high ranking official so yeah of course china is kind of playing the poor guy at the moment but at the end they

are the ones that really have to change something because fifty percent over off the overcapacity is done by china that you cope there on that steel deal of types thank you. zeman says setting the stage for germany's biggest i.p.o. in over twenty years europe's largest industrial conglomerate has chosen to list health an e is its medical business in frankfurt over new york it doesn't want to get involved with u.s. regulation and believes the frankfurt exchange will grow as a result of bragg's it else that is the largest of siemens divisions by revenue and is also the most profitable it sells machines to hospitals and practices as part of the initial public offerings even as is expected to sell a minority stake of up to a full listing of the stock exchanges to take place in the first half of twenty eighteen. in the u.s. the republican party is split over donald trump's plans to cut taxes to the tune of one and a half trillion dollars over

a decade now senate republicans have put forward new demands to cut the proposed tax rate even further from twenty two percent down to twenty percent the bill was passed in a house vote two weeks ago in the senate is set to vote on the measures later today president trump most of the legislation at an event in st charles missouri on wednesday saying the changes would cut waste from the tax system. critics say may need the rich would benefit but the president doesn't agree. america's tax code is a total dysfunctional mess the current system has cost our nation millions of american jobs trillions and trillions of dollars and billions of hours wasted on paperwork and compliance it is riddled with loopholes that let some special interests colluding myself in all fairness is going to cost me a fortune this they believe me belief this is not good for me. finally

the australian government is barreling to pressure to crack down on banks behaving badly by mr malcolm turnbull's says an independent inquiry will help restore confidence to the sector following a string of scandals australia's banks stand accused of providing misleading financial advice avoiding life insurance payouts by using outdated medical definitions as well as rate rigging and failing to follow anti money laundering rules now australian prime minister malcolm turnbull is heeding calls by other parties as well as members of his own government to start an official inquiry. this trial ins deserve and expect the highest levels of service and accountability and for the vast majority that's exactly what they receive. since the financial crisis however there have been examples of misconduct by financial institutions some of them extremely serious and that's demanded

a response from the institutions themselves and from government australian treasurer scott morrison wanted to dissipate any fears about an inquiry by sending investors a positive message. astride his banks are unquestionably strong nothing that we've announced today china has this or gives any reason to question this on the part of the government the investigation will take about a year's time banks across the globe have been handed ever tougher regulations perhaps in australia those rules weren't tough enough. i stand business with you guys like that.

one tree guy international talk show for journalists discuss the topic of the week following the news you african union summit europe and africa work together as

equal partners to give young africans a brighter future on their own car that's our topic this week on quadriga join us again. next on d w. when i'm traveling to be comfortable. but i also want to stay up to date on the latest news and and events . a w makes that part of traveling easy just because it's available and thousands of hotels resorts and cruise ships worldwide. where have you found the domain side send us a picture that shows d w in your room you could prize go to d w dot com travel quiz. i'm a mother like two billion other mothers around the world i have one wish the best

for my child. but in a society in which breastfeeding is often frowned upon and adds will for me to abound with profits is more important than my babies will be how do i know how to make the right decisions mostly busy listening to you know all these attached parenting blogs for there to be attrition or lead to cancer and i feel like with the help. mills starting to sim annoying on d w. hello and welcome to quadriga this week's summit between the european union and the african union was officially dedicated to the future of africa's youth.