we're here on the coast of north africa for the kickoff of the international ener forum, a meeting of nonopecnd opec oil producers and the big question is what, if anything, will come of this meeting. we've heard a lot of speculation over the last 24 hours. we have heard from the russian building minister saying any agreement is noncritical for his country. wee heard from the iraqi oil says all options on the table. and the algerian oil minister has said no one wants to walk away from this meeting without some kind of an agreement. the big question, of course, has saudi arabia decided to declare victory in its battle for market share over these u.s. oil producers, and the question, of course, for iran is whether or t they will agree to a freeze when they're trying so desperately to back to presanction levels of output, as well as rebuilding their economy after these years of sanctions. and, of course, all of this happening against the backdrop of the failure of the u.s./russia cease agreement syria. so saudi arabia, iran and russia, all of them with big stakes in the game. for "nightly algier

in opec's latest monthly report, released yesterday, the cartel conceded that nonopec production in 2016as stronger than it ex opec's august output was down slightly, but still over 33 million barrels a day, and near record highs. the take away from these reports, production still too high. especially in light of a weakening demand picture. >> we know the supply. we know it's tremendously high. and now the iea is talking about global demand going down. they have never been the greatest at predicting global demand, but it's good enough for me. i do think that's going to take over. the one wild card could be saudi's. it doesn't seem to me they will start doing that until it hovers around 40 and perhaps has a 30. independent of that, i think we probably go lower. >> one other factor consider, the fed. fierce of a hawkish move later in year rattled equities and the dollar is seeing strengthening. it's difficult to discount what opec might do later in september. and so the market is seeing a little support from here until it knows for sure. for "nightly business report," i'm jackie deangelis.

i don't think you're going to see the kind of support from the nonopec members.to be from the trader perspective another tactic from opec to keep the price a little bit higher than $45. and get us closer to 50. some traders tell us they want to fade this move. >> jackie, thank you very much. right now, let's bring in john kildof. melissa and i were express something skepticism. you heard jackie and traders expressing a little skepticism. are we wrong to be a little cynical here? >> i don't think so. actually kind of hard to understand the headline at the bottom of your screen. the 32.5 million barrel ceiling, that's 7 million barrels less than what they produced just last month. they're pushing the 40 million barrel a day mark now. so this is all coming fast and furious. if there is any truth to this, the price rise is justified. but certainly to date their deeds are not matching -- >> seems like they're leaving out a country. >> exactly. something way off with this number. this is -- even the algerian plan, the country plan this morning had a 700,000 barrel cut.

they can wait for 12 to 18 months, probably they can solve this problem of excess supply from the -- nonopecroducers if that's what they want. can they wait for 12 to 18 months? even saudi arabia and the large producers, can they take the risk of having oil prices at 45 or below that. that remains the big question. >> you sound confident that we could possibly get a deal. what's the price for oil if they -- they do sign on the dotted line? >> i wouldn't say i'm confident of a deal. i would say that i think it's the right opportunity for them to do a deal now than -- now iran is less of an issue or a nonissue than it was when iran was about to come online. i think if they were to sign a deal here, we could possibly see oil prices very quickly rise above $50. probably go towards 60 in the coming months. i think that level of oil prices makes -- if it's probably likely to may keep oil producers, particularly saudi arabia for that matter. even russia happy. >> thank you so much. despite -- that's it for our extended edition of street signs. thank you so much for watching. lemonis: how are you do

also remember when prices rise, nonopec pt cruisroducers, they . >> a check on the financials here, we are off the session lows, but we can pull it up here. we've got the dow down by 150. deutsche bank off its all time record low. aga again, you're look at a a shot down by 6.8%, on track for record volume. let's head to sue with her headlines this hour. >> guy, here's your cnbc news update this hour. one person was killed, more than 100 injured as a commuter train crashed into a station in hoboken, new jersey. this is cell phone video after the b crash. witnesses say many passengers had to kick out train windows to crawl the safety. >>> iowa governor paid a visit to homes and areas hit by flood waters in the state. he was joined by lieutenant governor, kim reynolds. they issued an emergency disaster patriotically information. >>> volvo recalling cars in the u.s. because the air-conditioning can leak water in and cause them to malfunction. >>> and 23 giant panda cubs made their debut in southwest china today. the panda cubs were all born at a panda breeding research base this year. the

. >>> and venezuela says that opec and nonopec nations are, quote, close to reaching a deal to try tokets. that a deal could be announced just this month. melissa? >>> first, a lot of developing news in the past hour on terror attacks over the weekend. suspect believed to be responsible for the new york city bombing now in custody. morgan brennan is live in manhattan with the latest. morgan? >> reporter: that's right. so briefing just wrapping here in new york city, where mayor bill de blasio officially connected the bombings in the two states, new york and new jersey. >> based on the information we have now we have every reason to believe this was an act of terror. we will be going into some detail and there are still a long investigation ahead, but now we have as i said every reason to believe this was an act of terror. >> reporter: so he was joined by other officials including new york fbi special agent william sweeney who said the devices were linked from new york city to saturday's seaside park bombing in new jersey. officials saying there is no other individual that they are loo

to be sufficient to offset the amount of supply growth that we're going to go to see capped from nonopec of the us us. >> how integral, if at all, is the fed and what they're going to do in your oil price forecast? >> so our call still remains that we expect a rate hike at the end of this month. and to the extent that we do see some kind of hawkish surprise and dollar, you know, strengthening, should see the oil price move lower over the remainder of these coming weeks. >> all right. >> michael, thank you for joining us. appreciate it. see you soon. >>> shares of alibaba falling with the broader markets. we'll hear from the company's executive vice chairman live from delivering alpha. and we're all over this broader market sell-off here, the dow jones industrial average off the session loews, but down 250 points at this hour. ♪ we' dwhere, in all of this, is the stuff that matts? the stakes are so high, your finances, yo future. how you solve this?you d'. you partner with a firm that advises governments and thune and, can deliver insig persont adto person,rnments on what matters to you.

dramatically next year so we are not looking for any new barrels of oil and i believe that opec and nonopec are going to do a deal to freeze production. i think the odds are very high that's going to happen. we needed the world two biggest producers working together to support prices, you can bet the prices will stay strong. mike: you heard announcement that they were talking about controlling prices or cutting back, it didn't do much to the market, you hear a lot, phil, that opec has lots its teeth, we create our own oil here, i believe the other side of that, i believe that if opec does look to stabilize prices or increase prices, you are going to see the price of oil above 50 and possibly run to 60. do you agree? phil: i agree with you absolutely. i don't think the market doesn't respect opec because what happened. they had a deal and fell apart. they think that this deal is going to fall apart. you cannot underestimate the power of, you know, russia and saudi arabia, the world's two biggest oil producers working together with the rest of the opec cartel. they are gaining control of this