bob dudley weighs in on production and pricing as the final hour of "squawk box" begins right now >>> economic forum in davos, switzerland. >> wow that is nice good morning and welcome back to "squawk box" on cnbc this is, i guess, why we do it a day like this. live from the world economic forum in davos, i'm joe kernen along with becky quick and andrew ross sorkin the futures now are not at their worst levels of the session, but we see a little bit of a pullback down triple digits. 138 points or so on the dow right now. treasury yields, like watching paint grow, really, recently to 2.70% and change. is that like a rocket surgeon? i love mixed metaphors always have. 2.75% right now. >> okay. >>> we're going to get to our first guest of the hour. hedge funds facing a slew of head winds to close out 2018 but defying the market with a 4.6% gain bridgewater founder and co-chairman ray dalio. we're thrilled to see you this morning. despite the sun, there is a lot of hand wringing going on here in davos you apparently were doing a little bit of hand wringing about what may or may not happen

bob dudley is the ceo of bp.d runway activity at one of the country's biggest airports. and a new affair for the soprano's sequel. watch this. >> i couldn't ask for a better son and i mean that. maria: we'll tell you who is slated to play a young tony soprano, made famous by the late james gandolfini. the latest, right here. ♪ who can it be now. ♪ who can it be now. ♪ who can it be now. ♪ who can it be now. ♪ e brad, songs are really about big life moments. baby shower here. big. life. moment. what is in here? ohh! oh, i hope it's a life insurance policy. what? it's a sensible gift. protection for you and your family, nationwide has all the tools to help you find the right coverage. tiny baby shoes. so close. (peyton) makes no sense. babies can't even walk. should have been a life insurance policy. plus it would have been a great song. think about it, the lyrics, the beneficiaries... brad, where are you going? what would it look like [if we listened more?] could the right voice - the right set of words - bring us

last week at the world economic forum in davos i spoke with bp's ceo, bob dudley, and asked him what prices and production dynamic today. we've got investors out there a little perplexed at what's gone on with oil prices over the last 12 months. is the market getting it right? what's your sense? >> i think the market -- i don't think the volatility in the last six months is hard to explain, really. june the opec groups got together and said sanctions on iran, it's going to shoot the oil price up. so they agreed to increase production. and then there were waivers granted and that dropped the price and now too much, they've overshot and may have increased production a little bit. i think it's the market working pretty clearly. i think it's been maybe surprising political signals that have made it move so fast. but i think the market's coming into balance the first quarter of the year. maria: joining us right now is steven shork. thank you for being here. what's your take in terms of the supply out there, the u.s. is now the largest supplier, right? >> absolutely. and it's you by a long