on this i want to bring in spencer welsh now he's the director of the oil markets division at i.h.s. market in london welcome spencer by how much should opec cut output to stabilize prices and prevent further declines good afternoon that's the fifty million dollar question thing he are under pressure as you said from the u.s. not to cut a tool that other people think you may need to cut by maybe a more than a million maybe one point four million barrels per day i think it's likely to be there will be a cut somewhere between hoffa million and one million barrels per day of production spencer if they don't do that what will the consequences be. well at the moment the price is just above sixty dollars per barrel two months ago it was eighty six dollars per barrel so there has been a sudden drop but in the last week it has been pretty stable so if they don't cut then prices will probably stay around where they are they may drop a little bit more if they were to cut i would expect prices to head back up back towards seventy. the u.s. russia have all weighed in on this debate i mean it was that o

tracked by i.h.s. market dropped fifty up to fifty point four a low not seen sent july of two thousand and sixteen in the month after u.k. voters opted to leave the european union at that time the p.m.i. dipped below fifty the p.m.a. result also fell below consensus expectations making it even more unsettling analyst at i.h.s. markets extrapolated the p.m.i. and other data to predict quarterly growth for the u.k. get this just point one percent not one percent point one percent in the.

tracked by i.h.s. market dropped fifty two fifty point four a low not seen sent twenty six t. in the month after u.k. voters opted to leave the european union at that time the p.m.i. dipped below fifty the p.m.a. result also fell below consensus expectations making it even more unsettling analyst at i.h.s. markets extrapolated the p.m.i. and other data to predict quarterly growth for the u.k. get this just point one percent not one percent point one percent in the fourth quarter of this year and breck's it worries of course weighed on that index as up and down vote on the draft agreement on december eleventh quickly approaches. federal prosecutors in the united states have filed their first charges in the panama papers money laundering scandal u.s. attorney jeffrey berman unveiled charges of fraud and money laundering against four individuals including ramus all ins a lawyer and investment manager at disgraced panamanian law firm. berman's office accused. of quote decades long criminal scheme journalist ken silverstein first reported the massive malfeasance at a law firm back

well earlier we asked spencer welsh oil market analyst at i.h.s. market in london whether opec countries were looking to strike a balance deal or if they were just out to maximize profits they are trying to to to find the right balance they would probably look at the price to be somewhere around seventy or eighty dollars per barrel compared with the current price which is fifty three however even just two months ago there was worried that the market was overheating the prices it eighty six people were already was going to hit one hundred and opec a worried about that one hundred number because then that stimulates competition from from other fuels and actually back in june because of the high price opec released their production constraints because they're worried about the price going to high so there's been incredible change in the market in just two months. well market analyst spencer welsh speaking there according paris has slapped a half a million euro fine on french oil company total after finding it guilty of paying bribes to win a huge gas contrac

strengthens the ruble and then makes their other exports less less attractive spencer welsh from i.h.s. market in london thanks for your perspective thank you. tomorrow jemmy's conservative party will elect a new party leader and he or she will succeed knuckle among the candidate maps the darling of the business world in a close ally a former finance minister. now that's has been out of front line politics for some ten years he is the german chair of the world's biggest and most powerful wealth manager of black rock and he says he's ready to return to politics and move the party back to its conservative roots will his our very own ben visitor lead with more. germans hate career politicians so he's someone who's made it in the private sector mance the millionaire he's been on the boards of banks and insurers even a toilet paper make it but it's black rock that gets everyone talking this is going to. black rock is not a locust it's a wealth manager yes the biggest in the world but wealth managers are trustees. globally the american firm manages over six trillion dollars double germany's economic

to pull out of opec i'm joined by spencer welcome director oil markets and downstream energy at i.h.s. market in london good to have you with us of course qatar is not a major oil producer we just heard that in our report but does its exit from opec have any impact on the cartel itself it's inevitable that it will have some impact although i think that impact is relatively small qatar produces around six hundred thousand barrels per day of oil opec produces around thirty to forty million barrels per day so so in terms of production qatar is a small part of opec so i small impact but not a significant impact but in terms of reputation image or unity. again maybe a little bit but a couple of years ago indonesia decided to withdraw and then decides to come back come back in again i think it's i think it's logical what qatar is doing their priorities on gas that's not that's not something new that has been like that for a few years so oil production is not their main area of focus and so i guess they're saying they don't need to be part of of opec they they want to just carry on producing what th