you mentioned shale. opec has understatemented shale from the outset.hey went from cutting to try and pumping to beat them to run them out of business to back to cutting again. the saudi oil minister said they'd try and wait out the u.s. shale boom. it might be a long wait. we had analysis last month talking about the u.s. accounting for about almost a quarter of global oil and gas production by the early 2030's. so it's going to be a long wait. shale looks like it's going to continue dominating and it's going to be a headache for peck and its allies. rishaad: ben sharples, thank you very much for that analysis. plenty more ahead on bloomberg. including that exclusive interview with nouriel roubini with rish from taipei. stay with us. this is bloomberg. >> five companies have tom: welcome back. let's check in on the hong kong dollar, which is performing a little bit stronger today. currently -- currently at 7.8062. 4% as things stand. we had that story about the liquidity conditions in hong kong remaining relatively tying. let's switch it on to some of

shale will decline. he was optimistic so we will see what happens.take a look at this chart on the bluebird showing the level of saudi arabia and production. we have seen them tapering off it saudi arabia really cutting even more than required. what level of prices do these countries newmont to see as a result of this deal? jessica: when it comes to saudi arabia and russia, two powerhouse producers, they are coming from different places because saudi arabia needs $80 a barrel to balance its budget. russia only needs prices in the 40's. that is why saudi arabia has been doing the heavy lifting in terms of making db cuts and the industry measure said they will take the lead, constrain production and russia is a bit of a wildcard. we will see if they will stick to their pogos. shery: thank you so much. global reporter on the latest on opec. a closer look at the opec plus decision and the group's path forward in the next hour with doctor will join us at 7:30 a.m. in hong kong, 7:20 p.m. eastern. paul: we will have more on the escalation of protests in ho

number two, this is a shale play basically the lowest cost production shale play out there, at least from what i can tell, and all the research that i've done and the last one, improving balance sheet. improving balance sheet, not a great balance sheet. still a lot of debt there. however, they have been selling assets, and that balance sheet continues to improve so for those three reasons, i like the name. the chart has been awful series of lower lows and lower highs. but if feels as if maybe, and i'm going to show the chart, maybe we put in a short-term bottom this will sort of show you what i'm talking about again. lower lows, lower highs. maybe finally we've sort of put it in an impasse here. maybe we're making that turn back up to the 30s valuation is really not the reason to own it but the three reasons i gave and the fact that i think oil's going higher is. >> does anybody have questions for guy? >> i do. >> okay, tim >> guy, shale play are you worried about the oversupply that may be starting to come out of the u.s., but more importantly headline oil prices how sensitive is th

shale will peak, plateau and decline.he question is when until it does, i think it's prudent for those of us who have a lot at stake and want to protect the global economy to keep adjusting i think there's reason for us to stay vigilant and watch for adjustments. >> so, if you're a u.s. energy stock investor, you have already been burned over the last ten years or so. we know how tough it is to make money. it's been the worst performing sector of the last six and 12 months, now you have the saudi energy minister coming out saying the permian basin is a big deal, but we feel those fields will drain and maybe faster than some people will think. that's the long-term bear case for the u.s. oil market. you say okay, he's from saudi arabia, he has his position. he worked and lived in midland, texas and odessa, texas for a long time. he was out there in west texas for years. he knows those fields intimately i'm sure many in america would disagr disagree so they're not optimistic on the permian basin. >> it could be 50 years, 150

shale.away. 2020 looks particularly bearish from a supply perspective because you've got significant infrastructure in the u.s. pipeline that will connect u.s. shale to global markets. there is also other projects coming into play in norway and brazil so 2020 doesn't look so grea from a school supply perspective. at the same time it's great too have momentum with china i am not sure that it really addresses the market's lack of confidence from a demand perspective. we have seen that demand this year has slowed relative to last year we are still growing, just at slower levels. production from the u.s. is still set to outpace global demand growth. i think it's stronger in q3. whether we can sustain the gains in oil prices through the end of year is the open question. >> john, you can make the argument from 2014 to 2016 we saw a face-off between u.s. shale and opec yes, it was very painful i think for all involved now we are pumping record amounts of oil here in the u.s shale has continued to h

shale keeps surging. overall, non-opec is forecast to grow by billions of barrels a day in 2020 from the u.s. -- millions of barrels a day in 2020 from the u.s. david: this remind me of the fed backing up the president in fighting with china. shale is backing up the president fighting with ron. -- with iran. vincent: the united states is clearly a major force in oil supply these days, undercutting what opec is put into the market. i think it becomes more of a global geopolitical issue, where you start to see iran and russia form greater alliances among china and russia forming greater alliances to get oil around the united states sanctions and such. rather than perhaps being an oil price issue, it becomes more of a geopolitical tension issue. lisa: i love that you are saying that the shale industry is just saying we are going to back you up instead of saying we are going to cash in and make as much money as we possibly can. [laughter] david: you can see more on "commodities edge" today. alix: thank you. w

shale oil production well. the issue is the market requires a market management to be balanced if you leave it to the market you will see price extremes of course if you if you just allow the market to do its job without having a kind of agreement on making voluntary cuts prices may sink again to $30.00 it will kill a lot of companies and eventually it will again move higher now what is a fair price i think this is where the difficulty is probably it's around the $5060.00 range because around those numbers you will have a. reasonable return on investment for deepwater exploration but probably also for shale developments if prices are moving above that range you will see more stimulus you will see more motivation to invest in shale oil like in other investments and so that means maintaining the prices at lofty highest numbers that i would say are higher than what the russians would like closer to the $70.00 range makes it more vulnerable to increases in supply and that's that's where the trouble comes good to sp

shale boom because they may have to cut deeper and deeper when they need the cash flow? they were a member of opec, they would be the third largest. for opec and saudi arabia, how long do they want to continue adjustment on their backs alone? they keep cutting and the u.s. keeps rising so, i don't think it's a discussion for this meeting, but if we're in the current price environment 12 months out, 18 months out will there be ary assessment they do want higher prices in the middle east, two thirds of the population is usually under the age of 30. they have a youth demographic they have to answer to. >> yeah. there's a lot more intrigue there as well. helima, thank you. we'll see you later on we have to go cool off here. those are the three main story lines. how frus ratsed is opec with the fact that russia and the saudis basically made the decision for them how frustrated is opec with the u.s. shale boom as well? what about iran? do they stick around we'll see if iran sticks around. that meeting is set to begin in three hours time here in vienna austria. after the break,

when what way do you love shale gas?ions i put on, we will be replacing gas we were taking from the far east. it would not have increased the climate change impact but at the moment, as i... have you fallen out of love with shale gas? of course i have. did you not take a donation... i do not think that is a good characterisation. if you want to talk about the company, it is 80% renewable. it is a company doing the renewable. it is a company doing the renewable revolution our country needs. it is along renewable revolution our country needs. it is a longtime lib dem member supporting my campaign... you talked about nudging attitudes. when you talk about flying, where are you going on holiday this summer? i'm going on holiday this summer? i'm going on holiday this summer? i'm going on two, one is scotland... you are not flying? i am not. i have not booked my holidays yet, because i am onjury service. because booked my holidays yet, because i am on jury service. because you booked my holidays yet, because i am onjury servic

shale production is relative to global demand. it looks like demand is slowing a little faster than u.s. shale. we think we will be oversupplied year end. shery: is demand slowing as much as expected, or is it sentiment related to the trade war? >> when we look at the forward oking indicators, they don't look pretty for the remainder of the year. we will have to see how that plays out. oil is typically a spot asset but lately it's been trading as a forward-looking asset in terms of pricing in future market erosion. market confidence is not there. when we see the recent uptick in prices, it's largely been short covering. is people are more skittish about tensions in the middle east. i think people are still concerned about what happened in q4 of last year where there was a massive selloff. i don't think the bulls are in full conviction mode yet. shery: when it comes to geopolitical risks, how do you read the trump administration? you have new iran sanctions that also the offer of tanks without preconditions, but also questioning ou

shale.to prolong restrictions another nine months to drain the glut and balance the market. the curbs began in 2017 and repeated extension shows opec challenge in the age of shale. the cartel share is the lowest since 1991. >> the commitment to a nine-month extension is unequivocal. very solid, very strong. not only are we committing to individuale commitment to conformity from oil countries. terms ofreached the the 2015 nuclear deal exceeding agreed limits on and rinsed uranium and raising the stakes in the standoff with the u.s. the move threatens to undermine any support from european powers who also signed a deal for years ago. they have been trying to find a way to salvage the deal using a trade mechanism. iran says more must be done. president trump says he has taken tariffs against mexico off the table after the country stepped up efforts to stem the flow of central american migrants attempting to reach the u.s. the president says mexico is doing a great job and it had a big impact on

shale output >> we are faced with a surge of supply from non-opec, in particular the united states in the shale basins it's pos alalso positive in thee that a few months ago there were concerns of shortages in the world. we saw the market was responding me and there were calls from opec and non-opec to ensure there is ample supply we have also seen stocks build up in the u.s. and globally. >> the next opportunity for the group to assess how the deal is translating into the global oil markets will come in september in abu dab bubu dhabi they will look at how things have progressed so far they will also meet again in vienna in december it will be interesting to see how this feeds into the oil market the other thing we spoke to the secondary general about was his efforts to soften opec's image in the united states his moves to try to form some kind of line of communication with the trump administration. we have ministers across the arab states working to staebilie the oil market but the u.s. not part of this conversation mr. barkindo told me that he has been able to have conversations wi

shale producers are going to do next? >>so whatn investor to do with all of this? i mean, on a dailyasis we're getting statements from the u.s. and iran and iran and the u.s. if you an individual investor with a longer term time horizon, what do you do?ri >>t. well, it's a great question. so, i mean, i think at the end of the day folks have to recognize that there are still -- most oil pr companies orajors that are rking with national oil ry sh it's good to maybe take a step back and recognize the world needs oils growth continues, there's going to be continued demand for energy and geopolitical issues are largely sidelined right now, but as you've seen between.s the and tehran, those issues can come surging back into the forefront at any moment. >> katie bays with sand hill strategies. katie, thank you. >> thank you. >>> time t upgrad and downgrade. verizon was downgraded today to neutral from buy at citi with the analysts cing rising risks industry pricing and profit margins over the long term. price target there is now $62 and that stock fell a fraction to $57.8

being a shale powerhouse after the u.s.cio was responsible for the development of the region. vista oild by miguel, and gas ceo. how was this process? you have oil prices going nowhere. what was it like to market this deal? miguel: it was a challenge, but it was a good challenge, and we finished in a good line. the market today was not in favor. we have elections in argentina. before we get to the internal politics of argentina, investors don't like u.s. emts because they spend too much -- u.s. enp's because they spend too much. what was your pitch to investors to not do that? miguel: i think they still like shares in the u.s.. now they are a bit out-of-favor. , permian hasings found competition. -- one of thee things we have is that we learn from the u.s.. lessons that of we've taken into consideration. we have concessions for 35 years. that helps a lot. secure ato drill to space in many different places. are related issues to that. two advantages. we learn from the u.s. we have concessions where you weaken plan at where w

companies access to kind that's shale sel sector. unfortunately, that access wasn't exactly forthcoming. there's an agreement on the book and it was not fully honored by the chinese side. their geological data is still classified. we do not have anything like reciprocal access in the chinese mark market. regarding the project with man -- tma -- the project in beaumont, texas, i come from that town -- >> is that with american ethane? >> yes, i would like to know many more details than have been released publicly. for example, they're kouccountin the chinese counterpart to build cracker facilities -- >> not going to build crackers in texas or west virginia. >> they have no interest to do that, indeed. aye not clear they have even received the permits to build those facilities in china so even that may not be feasible. >> ms. -- >> sorry, i wanted to address your point on russia, specifically. we did sign a contract with pola poland. poland didn't want to solely rely on russia. >> gecorrect. >> germany, croatia, greece, are building lng

revolution, there isa heard, the shale revolution, there is a lot of non—0pec production still to come compensate for the oil in the middle east. we shall watch this space, thank you so much for coming in. let's take a look at some of the other stories making the news. japan's prime minister, shinzo abe, has claimed victory in the country's upper house election. but exit polls suggest his coalition has fallen short of the two—thirds so—called "super majority" needed to push ahead with revising japan's pacifist constitution. china says it will impose anti—dumping duties on some stainless steel products imported from the european union, japan, south korea and indonesia. anti—dumping tariffs of between 18% and 103% will be applied to some steel products from july 23. china is the world's largest stainless steel producer churning out 26.7 million tonnes last year. the dutch health technology company philips has reported better—than—expected 6% rise in sales for the second quarter. that was boosted by strong demand for its hospital equipment in china and the united states. the company now f

show opecxtensions challenged in the age of shale.his is at its lowest since 1991. >> the nine-month extension is unequivocal. i have heard individual commitments. rishaad: global news, 24 hours a twitter,on tictoc on powered by more than 2700 journalists and analysts in more than 120 countries. i am tom mackenzie, this is bloomberg. just getting you back here. we are talking about china earning this. pressure to the economy there. they will take active measures to respond in the q&a session there. let's get some analysis and reaction here. this is the economist that lord of these analysts. these analysts. the reaction that we had, will they keep the chinese economy stable? with all these pressures coming from the global side of things, how? >> i think the interesting thing is the positive tone it struck. it was spouting the benefits of global trade and global benefits. not just for china but the benefits of china taking a greater touch of the international stage. it was also interesting to see that there was such a focus on reform go

market share, he believes shale growth is going down.cedrs ago, they 8.5 million barrels for the saudi's, now they are 10-ish. they haven't really lost market share, have they? manus: we are in the sidewalk, let's get into the gutter. we are talking about the oil price. what does this mean if the g20 plays out more positively. nine month extension, give me a price? amrita: 79 to 80. manus: risk of demand as we go into trade conflict. another level of conflict with europe, with japan. that is my risk. amrita: the problem is, you don't know which country is next. that is why companies are really struggling to make investments. we are seeing some very weak numbers. it doesn't react that quickly. it is just that everyone is frozen and they don't know what to do. manus: trade anchors with japan, what would that do with japan. what adjective would you choose that that would throw risk at the market in terms of demand? amrita: european is already very weak given what is going on in china. i think the risk is the week shis and demand -- the weak

place just putting all that helmets that riot shales the red a concrete testers also all protest is still able to escape from the building. yeah right you know all of the protests have left the legislative. complex booting so. just on the street gathering around the center so this is an area i'll call and as i can see by the these legislative sometime soon there's not many *. protesters saying here to so maybe they're moving. 7 better away because we can see that all the a c. there's a numerous a riot police gathering he is so maybe there now and i'm moving to other places in central to set up all hall and and to and of calls to try to take them safe if they want to protest against i come back here so definitely they have to keep them safe so that they have a 2nd chance to come back and continue to put. thank you so much for that try stay safe you're watching d.w. news live from those pictures. of the situation at the moment in hong kong riot police are advancing on protesters who've occupied the territories legislature. this is near. parliament police have been seen trying to disperse th

just look we cracked the code with the shale play and look what's happened with oil. i'd ask you to come back out to north dakota this summer and meet with some of our planners again working on this. would that be something you'd consider doing? >> absolutely. >> okay, thank you very much. >> thank you, senator. you know, i'm reading press clips last night, this morning and obviously a great deal of tension in the persian gulf, seems like there always is but now even more so. yesterday at least three armed iranian boats reportedly tried to seize a british oil tanker in the persian gulf, they were unsuccessful. the tanker was crossing into the strait of hormuz when the iranians ordered the ship to change course. that's oil. but natural gas would also be out in these same -- same areas and yet the word hormuz, the straits of hormuz do not appear in the latest iea gas security review which is how can you not? how can you not include that as part of a security, of a natural gas security review. why not? are we not discussing this? i'm assuming that doe has examined the po

shale and torture. are the kidnappings if they are the ones beating. up duct. tape. on t.w. . the finest burglar the toughest guy for germany's booming i love her lead. the nation us 50 stories and 50 very personal tips from berlin's very best features. book now for planet money our hero max series every week on d w. they are watching of all that to train now in the water the poorest of the poor in poor countries started valuing education they are demanding good quality education for their children because what it wanted also realize that if they have to have good quality products and good quality consumers they need good quality skilled workforce i'm very confident that in 2015 north child or no i going to build a man illiterate that is the funny moments the human right that is the divine right which the nature of the god has given to us and those rules sledging the way that i do not good was trudging over the right to freedom dead against nature that against bought. the book. this is the doubly news life forms but i learned congo's you bowl or break spreads with the death to

the decision came with shale curving at the u.s. being close to being an exporter. opec has the lowest market shares since 1991. >> in order to help maintain the current state of the market, and avoid the buildup of inventories, we have decided to keep a level and magnitude of this intact. global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am selina wang. this is bloomberg. david: looking ahead on the program from a quick swing to forever, russia's energy minister tells us why this is good for oil prices. we also talk to the oil director about market reaction and his take on the marriage. rishaad: taiwanese lawmaker jason is all over blockchain. exclusively from him later on. this is bloomberg. ♪ yvonne: news on central bank. president trump announcing he will nominate judy and christopher to the board of the central bank. of vice in a thicket president and director of research at the st. louis fed. of economics at the university of notre dame. are the u.s. executive director

, rail shipments, marcellus shale so the dependency for the market -- >> you can't argue -- we got toey're more important than they used to be for us now. >>> final trades straight ahead on the "the halftime report. defy the laws of human nature,at the summer of audi sales event. get exceptional offers now. ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. like.. pnc easy lock, so you can easily lock your credit card when its maximum limit differs from its vertical limit. or requesting a call to help get a new credit card- one that hasn't followed the family goldfish. pnc - make today the day. has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa"

as can the situation in shale production.d guarantee to you today that supply growth rate as we saw in 2017 and 2018 would be maintained in the future years because this is a highly uncertain and risky segment. debra: the trade war could lead to a widespread slowdown that requires a major policy response according to bank of england governor mark carney. he says the u.k. faces the additional threat of a no-deal brexit but reiterated his view that a smooth divorce could lead to higher interest rates. of thesetensification global trade tensions have increased the downside risk to both u.k. and global growth. the way we conduct policy today is we have to deal with the impact of the uncertainty around those and then -- those events and how they influence the behavior of households, businesses, and financial markets. the u.s. beat england to secure a place in the world cup final. it was a hard-fought victory missing aionesses penalty less than 10 minutes from full-time. they will play the winners of today's semi finals between the

shale oil increasing.driving in the second half, we think the results of opec plus to make sure oil inventories are down is something that will keep oil prices supported more than what the demand is pricing in. to your point on gold -- this is fairly critical -- you are right, in 2020, what kind of world will we be living in? but that's a reflection of what is going to happen with real yield. once we talk about fed rate cuts. at that point we may be at the bottoming point because after march of 2020 we think gold prices will start declining. our view of the world is one where we see policy action now and then we see that reversing as the future becomes better. it is definitely something to consider, but if the reason gold prices are that high is because recessionary fears are strong and we haven't seen demand course oil will be where we think it is, going to $1500 per ounce. >> great to have you on the program. us from -- when good news is bad news, looking at what's going on market wise. this is bloomberg

shale? mike: exactly.y way that i can see to really reduce this substantial increase in u.s. production is what it did last time, the prices had to collapse. shery mentioned the biggest decline since 2014 and that is when the market declined. it went from over $100 down to 26 or so. u.s. production dropped way off. that is what i think it is going to take. otherwise, u.s. liquid crude production including crude oil and biofuels is too strong to make up for what opec is cutting. paul: all right, blumberg intelligence commodities strategist mike mcglone, thank you for joining us. still to come, australia central bank takes the cash trade to a fresh low. the door is open for more to come. we will get insight from a senior economist. this is bloomberg. ♪ paul: australia's reserve bank cut the official to a record low of 1% to boost lackluster growth and a weakening job market. governor phil low says he will now gauge the impact of the cuts and prepared to adjust rates again if needed. predicted the latest cuts

high prices have driven up production of shale fracking in the us.overtaken saudi arabia as the world's top oil producer. we look forward for a positive meeting. i've stated my views as the united arab emirates an extension. i think that is needed for the current condition of the market. so i'm expecting a rather easier meeting and hopefully will receive the numbers. my expectation is also for it to be higher than ioo%. the energy ministerfor the energy minister for the united arab emirates. will get more on that. spencer welch, executive director, oil consultant, and analyst at ihs markitjoins me now. welcome to you. thank you for being with us. is it pretty much a done deal? yes, i think as your introduction said, it could be the most predictable opec meeting in the last five years. it has been well reported in the last couple of days that they are expected to roll over the deal. where at the moment they are voluntarily taking one million barrels of oil of the market. they have and seem to have agreed just how long for. i have had six or nine month

matters.is why shale but it mattered in that context.d to be careful market share because not only is production up, but it gained a lot of market share in asia because of the drop in iranian and venezuelan oil production. one of the things i am curious about is the extension to which the shift and the ability of u.s. shale to get their product to market. for a long time, there was a bottleneck. they could not get it to market. that is changing as i understand it. amrita: absolutely. the pipeline capacity is coming online between next month and the end of the year. it is not going to be straight away. and we have a lot more capacity coming on as well. , they will be ready to do 5 million barrels. it might be 3.5 million barrels on a sustained basis. and what is important is that infrastructure is finally catching up. the u.s. will become a much larger producer. however, the quality of the crude -- we're starting to see very light crude come out of the u.s. refineries are struggling to process that. alix: wrap this all up. what happens if

the market can change quickly , as can the situation in shale reduction.d guarantee to you that supply growth rates that we saw in 2017 and 2018 would be maintained in future years. we also need to be able to judge the impact for these actions. deficitsw in 2018 appeared and we were forced to increase production to counter that deficit and avoid unnecessary market volatility. some companies believe we need to invest more time and money into developing our own oil sector to increase production and monetize the resources. this will be taken into account when making decisions. we will be looking at all of the factors and all of the pros and cons. some russian companies opposed to this cut, and you said it was unanimous. what made the russian oil companies change their mind? was it president? we had long consultations with the company's, we have also discussed this with the ministers to arrive at a, decision to find common ground, and have reviewed a large number of scenarios, which include all options. after deliberations, we had the conclusion that the optio

shale production continuing to tick higher but marathon petroleum is a refiner they'ring agnostic to the price of royal they rely on crack spreads of turning oil into diesel and dpas lean, et cetera. the crack spreads are hanging in nicely this stock has come back off of its lows but has quite a bit to go, good dividend yield here, excellent management and the last one is my quiet work horse, cisco systems. for many years it was just a hardware provider of switches and routers. that's still a good business particularly going into the 5g wave but as you look at the companies like microsoft that have done so fabulously well in software space, you know who has been very successful in getting into that is cisco systems so now they're this hybrid of hardware and software and the software business is doing great for them they are just a workhorse. i'm going to stick with cisco systems. >> sarat, you like one that's been bonkers, financial, bx. >> i do. i like blackstone. we've liked it for a long time the catalyst there was going to a c corps from an s corp. but i like it's almost $500 bil

shale is a threat, but how much of a threat? how long will they have to cut? they are worried about declining demand in china and india. david: take us also through the dynamics in opec. it seems like russia and saudi arabia decided the answer before they had any meetings. lananh: the iranians are not happy about the increasing power of pressure within opec because the iranians and the saudis already have tensions. the saudi arabia and minister spoke at the -- the saudi arabia and -- the saudi arabian minister spoke at the press conference, which is unusual. michael: reporter: the opec -- michael: the opec countries need higher revenue from oil prices to maintain their economies, so that helps drive what they are doing even at a time of declining global demand. we will see over the next couple of weeks whether or not we are headed into recession or just a slow down, but global oil demand is dropping at the moment, which works counter to what they are trying to do. lananh nguyenrg's and michael mckee, think very much. coming up, fidelity's head of global macro.

shale boom.taly agrees to cut budget plans to fit your rules but the lock conflicted still over who should be president. welcome to the program. the european equity markets opening up in 29 debts. let's have a look at pictures. after positivity, a slightly different picture. we are expecting to see some modest gains at the start of the trading day. to theyoking at the gmm were closed yesterday and they in reacting to developments the truce in the trade conflict between the u.s. and china. more mixed and we do have weakness coming through in a number of emerging-market currencies, certainly in korea. that is part of the story. it would be difficult to follow on from the bullishness. a new record high on the s&p. president trump says talks with china have restarted. that was a positive story. details from the u.s. to we will get that story. u.s. equity yen and futures and treasuries a little bit. dollar andge in the the trading day. let's look at the other side of the gmm. possibly just wrapping of

because we've got those bottlenecks in the strait of hormuz and on the other hand, shale production in well, how does that even out? the iea said there would be an oversupply going into next year and even though you have this geopolitical tension happening, this speaks to the strength of what has been happening in the u.s. and the ability of shale fields to make up for any sort of shortfall. -- weare hearing opec need to cut even more severely than they did in the previous meeting they had. bp, based on what bob dudley said today -- he doesn't see any worry about demand and doesn't seem that worried about the oversupply. anna: the transition into being less of an oil and gas company and more of other things, renewable and other sources is an interesting one with big oil, isn't it? you've been writing about what they can do in the short term with their bhp assets which they took ownership of in march. the flaring issues in the permian. the flaring is important because it is such a potent greenhouse gas and mission, it could offset any admission from co2 because it is so potent in the at

by your was materials peanuts shale i would say working with. apple peel is of particular interest to the scientists because it contains a large amount of carbon which is a good conductor of electricity they just need to remove the water from the peel to prepare it for the battery. here the anode the negative and still contains graphite in a very pure form that's very expensive. but the researchers think it could easily be replaced by bio waste. they still don't know exactly what happens inside the batteries with these new materials and how the sodium reacts with the other chemicals but they have the technology to perform a kind of autopsy on the dead batteries. we should they stay on the 7 days and they count the electrons coming out from the surface and these electrons are like fingerprints of each chemical that are present on the surface and that's a sense the time because my eyes what's going on in this set that battery general and beaten up to my eyes the chemistry of that battery they tell. the sodium batteries are already working quite we

the other is shale we weren't sure how shale was going to come out.you look at the numbers mining was a little better than expected not great, but construction was okay the energy business, because the shale business has slowed down, was down rather notably. i think more than some people anticipated. so you have china, who is -- can you be an american company selling caterpillar in china now? it's tough look at the numbers for the revenues by area north america did fairly well. europe, africa, middle east down a bit. that was a disappointment. and asia-pacific down 8% so there is the issue that you had there. maybe a little worse than anticipated. overall, this was about in line with what you expected for the china numbers. so again this is the hard one to figure out caterpillar a little bit more disappointing, but not a terribly -- i'm really happy about the semis. historic highs on texas instruments. lam. micron high. teradyne at a new high the smh, the semiconductor etf, there is a lot of people playing this in the last few weeks this is up 20% and

>>and i'm here onshore shale plays a law enforcement was out here converging on this quiet cul de sac hours overnight they finally pulled out a little after 09:00am this morning what's left behind neighbors who say they are stunned that the person responsible for the deadly violence lived on their street. >>it's really sad. it's something that we never expected. >>the league and family living in this house on this quiet cul de sac which was besieged with atf agents in gilroy police who came in and out of this home carrying bags of evidence overnight and into this morning, they also searched this great nissan parked outside that took pictures, here's an to look and high school graduation picture from kilroy high's class of 2017 one of his neighbors taught at the school. although she says the gunman was never in her classroom but i never heard anything bad about him. >>pretty normal kid. why respec his outside using her by very polite hello goodbye. a very strange and sad. >>another student at gilroy high had this to say i've seen him walk by and you just seem like a completely normal g

shale output as opec has lost a little bit of its market power. but the second piece of news is designed to counter that e group has signed a long-term deal of cooperation with russia. russia is not a member of opec but has been criticized lately for maybe placing too big of a role on itself t on a group to which it does t belong. but opec agreeing that they would agree to cooperate with a russia-led coalition which gives opec about 11 million barrels per day more. that wasn't all the drama. first off, around the criticism that opec had bece perhaps too close to russia, in fact the saudi oil minister in the media scrum had to acknowledge the fact tha every opec member still matters. >> we are very respectful of every member country. ahe fact of the matter is saudi arabia and russire the largest producers and we are delivering the largest cuts. for us to agree first and then to discuss our w agreementh our colleagues from other countries i think only helps reach the unanimous consensus that we're seeking. >> reporter: ofourse thether overarching pi

there it is the crux of it hiding in plain sight american shale over russian gas more expensive more cumbersome more political yet it's full of freedom freedom gas they said that i have no idea how they do it with a straight face. increasing export capacity from the freeport l.n.g. project is critical to spreading freedom gas throughout the world by giving america's allies a diverse and affordable source of clean energy with the u.s. in another year of record setting natural gas production i'm pleased that the department of energy is doing what it can to promote an efficient regulatory system that allows for molecules of us freedom to be exported to the world freedom gas freedom is generally good but freedom from glaciers freedom from clean air freedom from healthy forests that are on fire and freedom from the world we know and cherish is not what we seek it's a whole package money to the media which cries russian wolf money to politicians who get the american way money to lobbyists and get a nice little kickback from selling american gas and moscow of course isn't happy the term cou

and in the long term, although there's more opportunity to develop shale oil, the world is consuming almost 100 million barrels. and the total u.s. production is still only 12 or 13 million. there's plenty of room for the conventional oil production from other parts of the world to be involved in the oil industry >> do you expect the ramco ipo to come back to market at some point this year or next year >> yes that's been stated by the crown prince very clearly. he didn't set a time, but both he and the minister of energy of saudi arabia have said that the ipo is definitely on the horizon. yes, and i think the outcome of the bond issuing that ramco did not so long ago was very encouraging. both of those factors will suggest that the ipo is going to be back on track >> can -- you think they can still achieve a $2 trillion valuation which they're seeking with oil prices under pressure like this? >> well, that's a tough question i wish i could answer that it's going to be a very, very profitable industry. the oil industry is going to be around for a long time oil has no substitute frankl

there it is the crux of it hiding in plain sight american shale over russian gas more expensive more cumbersome more political yet it's full of freedom freedom gas they said that i have no idea how they do it with a straight face. increasing export capacity from the freeport l.n.g. project is critical to spreading freedom gas throughout the world by giving america's allies a diverse and affordable source of clean energy it's a whole package money to the media which cries russian wolf money to politicians who get the american way money to lobbyists and get a nice little kick back from selling american gas the moscow course isn't happy the term countering is a clumsy attempt to conceal the aggressive offensive approach this conception is blatantly aimed at propagating risa phobia in the world especially in neighboring countries to russia by the way saving best the last you know why usaid was expelled from russia 7 years ago why for an election meddling fiasco that for that became a big thing now isn't that ironic unfortunately a mentality took took hold of the establishment in washingt

government advisor agrees you can be in favor of fixing the climate or you can be in favor of exploiting shale gas but you can't be in favor of both at the same time it is a core principle that economic growth and respect for our planet are not 2 opposites just as it is irresponsible to build growth on debt so we must use our resources profitably which means the next generation does not have to clean up the mess that we have made as the government continues to resist calls to stop fracking and fully backs the practice the shock waves of opposition are only growing stronger. r.t. london. disney has announced that it's a remake of the children's classic the little mermaid or star black actress halle bailey in the lead role although that decision has sparked some debate. after an extensive search it was abundantly clear that halle possesses that rare combination of spirit heart youth innocence and substance plus a glorious singing voice all intrinsic qualities necessary to play this iconic role back in 1809 though disney released its head adaptation of the famous fairy tale written by the danish

shale boom and higher manufacturing costs cut into revenue from its oil and gas division fell doubleits due if part to weakness in the permiane basis as s customers pulled back on making large cap tal investments. weakness in china was once a key industrial heavyweight. >> cat had many shares of doing we in china, selling durable products and good stuff and several monthsf losing share again. it is related to geopolitical tensions orpricing, it is not clear. >> tariffs are pressing margins and winning new business in china isy not as e as it used to be. >> we expect continued pressur with china partly offset by growthfn other aers the ian pacific. >> reporter: it is also more positive on north america, though still sees weakness in the housing market. one thing is clear if the global economy worsens, the industrial sector is headed for more pain. for "nightly business report", seema mody. >>> and as we mentioned at the top of the brdcast, the s&p and the nasdaq reached all-time highs today. chip stocks a rallied investors essentially brushed off regulatory concerns facing big tech ri

shale and torture. are the kidnappings that aired on spitting. abducted. jumps up next. staying up to date don't miss our highlights w. program online d.w. dot com highlights. we can start rewriting the software of sample bacterial cells. were not created life growth were rewriting the. laws. the software or read all over so all we can redesign the they'll have different properties i don't have a clue or a little bit important changing the or being a lesser top of the slowpoke you could give us better person. to serve using fossil fuels. to bake plaster. you could have fired or give a sample size to the ball field of the length of the. glass we're just learning this is a new field. on. july 15th 2016 tanks occupy the bosphorus bridge in istanbul. military jets find a parliamentary buildings in ankara. president obama calls on the turkish population to resist the tanks.

the shale or tight gas boom is sort of back.of the issues we have had a few years back are still there. water, where deposits are. you have reform. independenting more drilling companies. producing more gas. >> who stands to benefit the most? you mentioned one of the companies you track? the gasfrom distribution companies, anybody building the infrastructure hoping the drilling. that reflects spending. spending, itt could be up 10-20%. i remember, there were concerns over a shortage. upcoming shortage. you mentioned we might get a lot of supply coming online. concern? solve the >> summer in china is quite extreme. i used to think the u.k. market was variable. china is more in terms of how cold you can get in winter with beave even heard demand can 13 times the low point and summer. if we had a cold summer in china, there could be some shortages in some parts. i think the industry has done a good job with development of storage. production as well. getting prepared for imports. an lng shipper meeting investors. many of them are b