i spoke to bob dudley about the strength of relationship the reason why i asked bob dudley is becausets in the middle east they have massive interests in a 20% stake in the biggest oil producer in russia and huge u.s. shale interests as well. bob dudley's a unique will be good >> the coalition is stronger than people speculate. i think russia doesn't have the ability to turn on and off big fields like can happen in the middle east. a lot of things have to dial up and down it's a debate in russia, we know that but i fully expect there to be coordination to try to keep the oil price within a certain fairway. >> reporter: the aramco sound we've had on, there's a lot of moving parts in this story as well when you have three titanic producers globally, let's go through them, they are producing a vast amount of oil you have saudis producing it and you have the russians at 11.4 million barrels. a post soviet high you have the u.s. producing according to the eia, 11.6 million barrels a day. these are huge, huge levels. who's going to tlan in and stop that downparticular in the pliess of cours

it is bob dudley, the ceo over at bt. what does he make of the market?at's in a little while right here from abu dhabi. 2018. ♪ manus: we're live from at of that 2018 in other doubly. let's give you a quick sharpener. up 1.18 percent this morning, the first rise in 11 days. the kingdom of saudi arabia are cutting their exports demand, nominations are down. new strategies is what the ea is looking for. we have a little bit of a turnaround in the oil markets this morning. a break of trend. anna: indeed. we are in bear market territory. msci asia-pacific down .3%, trading lower in the asia session. .9% on 300 is higher, up chinese stocks. in terms of currency markets, fairly flat on the dollar against the chinese currency. the offshore yuan is held on to last weeks of drop. the chinese currency. a little sign of change to the trade currency. look out for data midweek from china. retail sales and production add to singles' day today. speaking of that, the force seems strong with chinese consumers. alibaba rakes in $31 billion at its extravaganza. theould see

let's revisit some of the conversation, starting with manus cranny's interview with bob dudley. ♪ willrm, but the market confirms, even though projections of global growth and 1.5nd are below the threshold, i think global economic growth will change a little bit. the markets should be firm in 2019, venezuela production, video production, out of the permian basin in the u.s. >> is shale the biggest threat in 2019? shale isctory of really quite stupendous. is that the biggest threat to global demand? >> well, i think in the long term it will be supply and demand and opec said they would like to keep the price -- i think that's a fair way and good for producers and consumers. the permian has been quite something but it will respond quite quickly until things are moved around. it will be increased production for several years. ♪ >> i think that what was that they were geared into a much tighter market and once the results came out on exports it is a process of readjustment and the price we saw of $86 is a geopolitical spike in prices came down and now they are lower -- we are also seeing a

that could be the long grasp let's go with it bob dudley is uniquely placed to look at what's going onu.s. because they have huge shale assets and of course huge assets here in the middle east as well i asked bob what he thought about the cohesion within opec and the relationship between russia and saudi which is the bedrock of opec plus now bob thinks the organization plus its relationship with russia has legs let's listen in. >> the opec plus agreement and that coalition i think is actually stronger than people speculate. i think russia doesn't have the ability to turn on and off big fields like can happen in the middle east. that's a lot of things that have to dial up and dial down it's a debate in russia. we know that but i fully expect there to be coordination to try to keep the oil price within a certain fair way. >> reporter: brian, i just want to end on how things have changed so quickly in al gears on the 23rd of september when they were talking about putting as many barrels on the table as they could to offset iran sanctions. then we got the big waivers coming through and now

let's revisit some of the conversation, starting with manus cranny's interview with bp ceo bob dudley you think we get a floor of $70? >> we are planning it at $65 long-term, but the market does look firm. even though projections of global growth and demand are below the 1.5 people were thinking buried him i think global economic growth will change a little bit. the markets for us look firm in 2019. venezuela production, and be faster production out of the permian basin in the u.s. >> is shale the biggest threat in 2019? the trajectory of shale is really quite stupendous. is that the biggest threat to global demand? >> well, i think in the long term it will be supply and demand and opec said they would like to keep the price within a certain quarter. i think that's a fair way and good for producers and consumers. the bottlenecking in the permian has been quite something but it will respond quite quickly until things are moved around. it will be i think an increased production for several years. >> i think that what was happening was that these suppliers were geared into a much tighter

bob dudley joining us. much more to come. for the next three days.omberg. ♪ 30 minutes into the trading day. your top headlines off the bloomberg terminal. cutting crude. oil gains on the prospect of opec curves in 2019. saudi's energy minister says it will not act unilaterally. see awould only cut if we persistent glut emerging. we are seeingkly, some signs of it coming out of the u.s. he later clarified opec wants to cut one million barrels a day from october levels. back to the drawing board. pressure builds on theresa may to ditch her brexit plan or face a catastrophic defeat in parliament. sterling takes another leg lower. and softbank unveils plans for a $21 billion ipo of its japanese business. good morning, welcome to "bloomberg markets: european open." i'm that miller in berlin, alongside anna edwards. anna: your -- here is where we are. the rank returns to the upside. petroleum, and others. in the mining space, rio tinto. this higher oil price having an impact on that particular sector and ending those stocks a little bit higher. that means

bob dudley of bp ready to get andhands on u.s.le bit earlier, these are good assets, i'm comfortable with my balance sheet. the risk for the market is simple. we went into light constraint and we could have a little tightness in the near term. but it looks like we have a healthy oil industry with good cash flow. yes, $70 is hard to live with. nobody wants to see $60. a right now opec are stepping up thank plate francine:. you so much, manus cranny. we will have plenty more interviews and conversations on the ground. patrick armstrong and chris turner are both still with us. patrick, i don't know how you view oil. is it a dollar story or demand from emerging markets story? just three months ago, we were asking for more oil because it wasn't going to meet demand. i don't think you really want to chase oil prices if you're relying on opec and opec cuts to basically balance supply and demand. you want to be buying oil when you have to get more production out of people to keep up with demand. there is always going to be cheating if peo