geoff cutmore is in mos the russian energy week conference. >> reporter: the hotre speculatn at this russian energy week event is whether saudi arabia and russia already have a tacit agreement to increase output. inevitably, if sanctions are imposed on iran by the u.s. as much in november, as a million barrels a day of oil could come off the market. possibly even more. so the question that has been driving oil prices gher, how would that gap in output be filled? here is also the question of who is to blame for prices at a 4-year high. president trump says it's opec ripping off the world whilst the quarty energy minisr saying no. >> it's not trying th manipulate provides. it's trying to bring the market to balance. >> reporter: for the te being russians and opec play cards very close to their cst. but, nobody wants to see oil at $100 a barrel. not even them. whilst they may make more profit in the short term it willoledo to demand druks over the longer term. this is geoff cutmore in mosco for nightly business report. >>> and with oil prices at the levels what does that mean for the en

. >>> a cnbc reporter got to go to bali we'll go to geoff cutmore.we head to break, here's your futures not doing a whole lot. isorldwide exchange" back after th we saved our money and now, we get to spend it - our way. ♪ valerie: but we worry if we have enough to last. ♪ cal: ellen, our certified financial planner™ professional, helps us manage our cash flow and plan for the unexpected. valerie: her experience and training gave us the courage to go for it. it's our "confident forever plan"... cal: ...and it's all possible with a cfp® professional. find your certified financial planner™ professional at letsmakeaplan.org. >>> another day, another dow jones component upgrade to tell you about. guggenheim out upgrading mcdonald's to a buy from a neutral. they expect same-store sales to grow and they put a $200 price target on the stock. yesterday at this time we got a walmart upgrade. >>> the imf and the world bank's annual fall meeting is under way, and for some reason it's held in bali and geoff cutmore and us got to go to bali where i assume there's

some of the biggest names in energy are in moscow, russia which is why we sent geoff cutmore there.ey're talking about. >> brian, thank you for that here i am at russian energy week the delegation from opec is here and the russians are talking oil minister novak says that they do have spare capacity in russia to try and take theedge off these rising oil prices. of course there's a lot of finger pointing going on president trump already accused opec of ripping the world off with these high prices, four-year high crude prices. as far as opec is concerned, i spoke with the minister for qatar, al sada was on the manual here, and i asked who is to blame for these high oil prices? he said it is not opec let's listen >> opec is trying not to manipulate the price it's trying to bring the market to balance when opec took the measure to restrict the production, if you'd like, from its end and some allied countries to opec agreement, it was meant to shave the extra excessive stock which were record high, depressing the oil price. >> brian, also on that panel i was meant to speak with the minis

we have steve sedgwick in london geoff cutmore in bali, and let's start with sri jegarajah live in our singapore newsroom their markets are closed and that u.s. negativity went really, really negative in the asian session, right >> it was a rough day. let's start with china that's seen as ground zero as far as the sign of u.s. trade tensions are concerned worst day for the shanghai composite since february of 2016 this market closed 5.2% lower. that puts the overall losses over thepast 12 months at 24%. we have china trade data coming out tomorrow, that's friday. this is going to be another risk fact their this market will have to contend with. given the fact we are seeing these trade tensions raise uncertainty, expect to see exports slow down for the month of september so that could clobber the market sentiment over here. no surprise that technology was a loser today. the index in taiwan down 6.3% at the close. apple suppliers like log and precision down by 10%. the japanese yen did catch a safety bid dollar/yen around the 1.12 handle there is a big sense over here this volatility is

geoff cutmore is in moscow for us this morning. what have you been hearing from your conversations so far? >> yeah, good to see you this is russian energy week. this is a week where the russian oil industry tries to showcase both its crude and its gas but it's also a forum for the world's energy leaders to meet i hosted a panel that had both the russian energy minister, mr. novak, and the qatari energy minister, mr. al sadr on it. trump is pointing the finger at opec the iranian oil minister is pointing the finger at president trump. so i asked the qatari oil minister is opec to blame for the high prices we're seeing right now? let's hear what he said. >> opec is trying not to manipulate the price it's trying to bring the market to balance when opec took the measure to restrict the production, if you'd like, from its end and some allied countries to opec agreement, it was meant to shave the extra excessive stock which were record high, depressing the oil price, that depression of oil price led to what? has it led to a better world

lot of safety, it is a lot of safety and gives you margin, but i think the fed has gone crazy >> geoff cutmore is in bali. i'm sure this is a topic of conversation there did the fed find defenders in bali >> absolutely. there's been a spirited defense here on the ground at this imf world bank event i think there's a couple of issues there's a concern that there may be undue political influence the fact that donald trump has gone out of his way to be very critical of the level of interest rates and i thinkthe other point her is about preserving the integrity of central banks and the perception that they are independent. so what we've seen here is a number of central bank governors and, of course, the imf chief herself, christine lagarde weighing into the debate when asked questions about donald trump's remarks. let's play a sequence of sound to you i want to start off with mark carney earlier on in the day i moderated a panel that was mainly about fintech and the direction we're headed in in terms of regulation. i used the opportunity to ask mark carney, the governor of the bank of england whet

. >> my colleague, geoff cutmore, is in bali at that imf meeting and joins us live from there now. a lot of interesting conversations going on there >> yeah. what the imf have done is crystalized the fears of a lot of economists who have been looking at the state of the global economy and have begun to wonder exactly what replaces u.s./china trade if, indeed, this spat worsens. and what the consequences increasingly are going to be of higher dollar funding costs if, indeed, we get the inflation that was talked about there and ultimately we get a federal reserve response, which means we get higher interest rates, which means we see even further pressure on emerging markets, which means we see more capital outflow and more pressure. what's surprising is how down beat the imf sounded at a time when growth in the global economy seems relatively strong, plus 3%. the fact that they have so quickly changed the forecast they gave back in june from 3.9% to 3.7%, and then talked about broader financial risks in the stability report, it does suggest that those in the know are beginning to bec

stuff jeff curry from goldman sachs joining us make sure you tune in to cnbc on thursday when geoff cutmore will host a panel that includes christine lagarde and mark carney that discussion will broadcast live from the imf world bank annual meeting in bali >>> aviva announced that ceo mark wilson will step down six years after he was hired to implement a turnaround strategy at the british insurer he will remain in the chief executive role until april of 2019 aviva says the search for a successor will begin immediately and could last four months >>> airbus has appointed a new ceo. gaury will replace enders. airbus also announced that the chairman will leave after his kir current term finishes in 2020. this ends months of uncertainty at the company after corruption investigations prompted several ceos to leave. >>> more personnel changes, another shake up solvay has appointed kadri as its new ceo. shale replace the outgoing boss and will start at the chemicals group january 1st of next year. >>> sir richard branson believes virgin galactic will be in space in weeks catch more from our exclusi

our own geoff cutmore is there he joins us with a special guest. the u.s.secretary. >> thank you for that. let's kick off in the studio, so they were just talking about whether this is a correction, whether it's something more serious happening in markets how do you read it >> i think the fundamentals are still very strong. the u.s. economy is strong, u.s. earnings are strong. so i see this as just a natural correction after the markets were up a lot. >> so it's about valuation rather than concerns around interest rates or the actions of the fed going forward? >> there's really no new information on the fed or on trade for that matter. so i really see this as a reaction of markets tend to go too far in both directions and they have natural corrections. see the market's traded up a little bit over night. that's a good thing. >> there were some curious moments in the trading session where we saw both equities and bonds being sold at the same time which raised some concerns that maybe there was a broad retreat from risk and concerns about the level of u.s. deb