to brainstorm on the outcome of algiers accord and the way for the to vienna, november. and i say that storming and very constructive, instructive and helpful for me prnlly prnlly an my colleagues to negate through algiers to vienna on november 30. now to stage the issue is how do we move forward from here? we had agreed to give a non11 member countries of the group led by the russian federation on the tenth on saturday is now a saturday to join to readjust our supply and market to the tune of nearly 1.8 million a day for the first generally. but also agree with them that this agreement initially will be for a period of six months beginning generally -- 2017. and both groups agree to establish joint -- [inaudible] monitoring community compromising of three member and on the site, russia federation, this community will walk with the office secretariat in order to monitor compliance and this is the first time this has happened between us and non opec so the commitment that i have both on november and december 10th, i think it was unprecedented. an mostly behind the scenes

i think what will be more interesting to see is from algiers to today, they have added about a half aat is similar to the number they are going to be cutting. if you look at that, one might be tempted to ask, what would you be cutting exactly the amount that was added between september-november? anna: all this week we are focusing on energy. the iea has said if all production is cut, they will flood the market with more oil. the ceo of continental resources is known for being a wild character. this time, he says it is different. i sat down with him at the headquarters and asked how the company plans to stay disciplined if we get a world of $60 a barrel oil? ofwe would have no intention going in and play ot more-- pulling a l rigs. we are fairly active and we have been active through the downturn. to 19. from 66 rigs down >> so at 65, you're not adding 10 rigs? do you know what you are doing at 65? >> at 65 you would probably be there. alix: what about the uncompleted wells? >> we wanted to do a couple of things. we were doing that. and that is when supply and demand balance. that bala

what we did in algiers september 28th, reaching the algiers accord and in november in veei a vienna,ching the vienna agreement. and on saturday september 10th, having that historic meeting with 11 nonopec countries led by the russian federation, taking coordinated action in times of managing our supplies to restore stability on a sustainable basis in the oil market, establishing this platform of cooperation, which we intend to solidify by engaging consuming countries as well as companies operating in this industry, including shell oil, oil producers in the u.s. who have been playing a very important role in meeting demand. >> let's talk about pricing. after the cut was announced we did see a little bit of stability back over 50. where do you expect to see prices next year, what range? >> in opec, what we are committed on is the restoration of stability on a sustainable basis that will ensure continued and sustainable investment in a predictable manner in the industry. as you know very well, this industry is a very highly capital in terms of industry and in the world oil outlook you'v

good self and your colleagues, very strong on the outcome of the algiers accord and the way for the to the end, november 30. novemberna -- vienna, 30. and i say that storming and very constructive, very instructive and helpful for me personally and my colleagues to navigate through algiers to vienna on november 30. now as you rightly say it, the issue now is how do we move , forward from here? with ourreed together non-opec partners, 11 member countries of the non-opec group, led by the russian federation, on the 10th, on saturday, just now is saturday, to jointly readjust our supplies to the market to the tune of nearly 1.8 million barrels a day with effect from first of january. but also agree with them that this agreement initially will be for a period of six months beginning january 2017. significant very and also historic was that both groups agreed to establish a joint ministerial monitoring committee comprised of three opec member countries, kuwait, and on, and venezuela, the site, russia federation, oman, thiste of community will walk with the office of the secretariat in or

i think what will be more interesting to see is from algiers to today, they have added about a half a coincidently is similar to the number that they will be cutting, and so if you look at that, one might be tempted to ask the amount that was added , why would you be cutting exactly between november and september? anna: all this week, we are focusing on energy. the iea has said if opec cuts production, u.s. shale will put more rigs to work and flood the market with more oil. the ceo-- harold hamm of continental resources is known for being a wildcatter expanding at any cost, but this time, he says it is different. i sat down with him at oakland city earlier this month and talked about how the company plans to stay disciplined if we get a world of a barrel oil? $60 >> we would have no intention of going in and pulling a lot more rigs. at $60 oil, so we are fairly active and we have been active through the downturn. we went 56 rigs down to 19. alix: so at 65, you're not adding 10 rigs? do you know what you would do it 65? harold: there comes a point you would add one rig or two, but cer

there is still a meeting to be held going back to algiers in september. mainly russia.e know they should be on board for some cots. -- some cuts. we will be seeing more countries like mexico or kazakhstan. they are trying to bring production on those companies themselves. we will be looking to see who steps up to the plate for these non-opec countries and agrees to cut alongside the group. that will allow us to gauge what kind of impact they will have. yousef: given the fragility and the long path that it will have been for opec to come to this agreement, what could derail it? >> as you mentioned earlier in oilrun-up, the minister who said opec countries tend to cheat. will be members stick to the production quotas they have agreed to indiana? -- in the end of? some were exempted and allowed to increase production. we will see how nigeria and libya are able to come into the market and increase their production. we've got these other non-opec countries that we are still trying to bring into the fold. these are some issues that will remain to be seen how they impact and h

section because these are eulogies and obituaries of that he have done battle over his career mike algiers yes, john lindsay arthur schlesinger eleanor roosevelt and the fund in this chapter is finding something kind to say about these people but these word pieces that were written on deadlines in situations as a writer themselves because he knew 33 of these people was often racked with grief and. he himself was morning these people in many cases and put together such brilliant prose about these people that he personally knew when he himself was suffering with grief that their loss, a man of devout faith as we all know and the eulogy which technically is not a part of the catholic mass he invented the patrimony that is passed down and conservatives believe in the objective truth but that in view as to the writings as well. >> so i do want to hear your perspective, bill buckley was america's most celebrated intellectual but also a writer and the architect of the political movement and as such it occurs to me that one might be political how they are describing other figures. deerfield they w

stopped overvoyage in algiers and finally docked in vienna yesterday.l voyage. at a of consultations high political level. very productive, constructive dialogue that went into it. we can say it was largely responsible for this historic moment. --one of the most challenges biggest challenges was getting iraq at the table. muhammed: for obvious practical reasons iraq largely was not part of this applied management arrangement and had not been for quite some time. they accepted in december 2011 to be a part of supply management arrangements. but you recall since 2008 when we met, we have not had this type of decision that would barrels withllion our friends in the market. this is the first time a rack -- iraq really stepped into the supply management arrangement within opec. i must give credit to the badiership, prime minister a that i met personally in baghdad and who assured me iraq is the best place for opec, as a founding member of opec was going to continue to be committed to the ideas of opec. despite the huge deficit with iraq now, he assured me th

insee this overshooting september as well after the decision in algiers.ces to come down a little bit and then move up in the second half of next year. anna: thank you so much for your thoughts this morning. up next on the program, renzi's referendum. we go to rome to speak to the vice-chairman of the rest child dank and a former -- rothschil bank. weakness in the european story and the ftse 100 is a clear story today. this is bloomberg. ♪ ♪ anna: welcome back. this is bloomberg markets, the european open. it is 9:41 a.m. in italy and we focused on the italian story. european equity markets weakening at the hour on the stoxx 600. the ftse 100 holding up a little bit better -- down 0.9%. italy's constitution and renzi's job could be on the line this sunday in the last seismic vote of 2016. investors are not taking chances as they hedge against swings in the italian economy. let us go live to francine lacqua who is in rome now. francine: this-- is a crucial referendum. a lot is at take. the political stability of the country and it may cost renzi his job. it

back then a ceo would be so media savvy and friendly, very up usual and he was a perfect horatio algier story, milkshake machine salesman becomes multi, multimillionaire, selling hamburgers.. a fantastic story. because there are lot of people who are dubious about this business sustaining. didn't seem to make any sense. now it's been so obvious to usto back in the 60s wall street was very dismisssive of this idea until the stock went public and kept going crazy as overthe years but he was extremely happy, ray was, and they landed in chicago, which is where he had startedded his -- where he lived his whole i life but joan discovered hey was a difficult and tell paucity's woman and recognized that ray had a serious problem with drinking and it was only two years after they married that she threatened or did file for divorce. and then almost as quickly as she filed for divorce, she decided to stay in the marriage, and that is where her core sense of philanthropy began because in stead of staying in marriage and just being what she could have been, which was the much wronger spouse of this

the deal, it came down to the wire after meetings in istanbul, abu dhabi, doha times two, algiers, inf hotels being stalked by journalists, they were able to come to a deal. already $2.5 million -- barrels as a group. asspoke to the oil minister he left the secretary yesterday and gave us more details. take a listen. and 600,000opec from non-opec so we have a total of 1.8. so hopefully, we will have a very high level of compliance. this all gives a positive art -- outlook for the market. oil industry has seen a high level of demand over the past years and i think it will continue over the coming years. oils important for the industry to have a healthy level of investments to balance supply and demand. that is what drove saudi arabia to rage differences with other producers inside and outside opec. -- bridge differences with other producers inside and outside opec. >> they are going a bit soft on durant which is raising production bite 90,000 barrels per day. focuses on the extent to which opec can get cooperation from non-opec countries, in particular, russia. >> this deal was conting