let's begin with fathi birol, who told francine lacqua he's worried about falling oil supplies and risings. fathi: i think what we have been seeing since march, a tightening of the oil markets toward the end of the year is unfortunate -- i should say is materializing. this is not good news for the global economy. in fact, not only oil, but coal and natural gas prices are going up, and i can tell you it looks like expensive energy is back. expensive energy is back at a bad time again, when the global economy loses momentum. currency crashes in major emerging countries, and trade disputes among major economies. so high oil prices are not good news for the global economy, both for importers, consumers, but i think also for the exporters. if not today, maybe tomorrow. francine: are you satisfied in how saudi arabia and its allies are responding to this? should they be putting more oil on the market to make up for lost production? fathi: we are losing production from venezuela big-time. iran exports are going down but we really need more oil. what saudi arabia did is an excellent move to come