york and this is you know that's why there's infighting within the house a saudi have mohamed bin solomon resting in other members of the house of saudi is because there is the wanting to lean further towards the east because the numbers in the economics in the longer term are more sustainable makes sense whereas you have the traditional relationship you have the post world war 2 establishment you know between the u.s. and saudi arabia that has evolved into what the petrodollar set up after the gold standard ended in the early seventy's and that paradigm is starting to give none of this can be discussed out in the open you know have analysts on bloomberg or c m b c or in the f.t. or what not bluntly discussing the risks but as your other guests hinted there's already a you know a kara selling or a cascading effect within western finance a 6 month spell of oil below $40.00 could devalue as much of the western financial system because $1.00 trillion dollars is the amount of energy or debt that's tied up just between you know larger banks as well as mid tear banks and energy producers and when the u.s. has nothing else

saudi relations were based on a deal in 1954 a 50/50 sharing arrangement. those relations were also based on conflict overpayment and ownership of the company, over the housing promotion and of saudi workers, and aramco's commitment to economic development in the kingdom. u.s. recognition and support for israel complicated this relationship and isolated saudi arabia within the arab world. a second set of topics has to do with the politics of reform, domestic politics within the saudi kingdom. the basic recognition or argument historians make is, from the beginning of this relationship in the 1930's, u.s. government and american oil companies were involved in domestic saudi politics. strikes among aramco workers in 1945, 1953, and 1956, led to demands for reform and nationalization of aramco by the saudi government. the government suppressed these strikes and arrested or exiled leaders. the groups, such as the national reform front, formed out of these uprisings. labor leaders and other dissidents regarded the u.s. airbase and aramco itself as constituting a colonial presence in saudi arabia. this was the era of anticolonial nationalism, decolonization in the

in the delegation they could not all fit in blair house they literally set up tents to house the rest of the saudi delegation. so we'd like to say he was wined and dined but he was given great profile by the eisenhower administration. the failure of his plot to assassinate nasser resulted in a severe throwback in the saudi royal family within a matter of days stripped the king of all his power and gave it to the crown prince faisal he stayed in power as king but was powerless after that. faisal was much less favorable to the united states. so that was one big setback. shortly afterwards the lebanese civil war began and that was another setback to america the lebanese president was one of the few arab leaders who publicly divorced the eisenhower declaration but in jordan the cia uncovered a plot to overthrow king hussein who was in his early twenties very inexperienced and is running a country 80 percent palestinian with no support with a nationalized monarchy and they uncover the plot by tapping the phone of the serbian defense attachÉ who was plotting with the egyptian counterpart to overthrow th

there are so many saudi's the delegation that they could not all fit and blair house. they literally set up tents on lafayette square to house the rest ofthe saudi group. must've been a sight. i would like to say he was wined and dined obviously was not wind. he was given great profile by the eisenhower administration. the failure of his plot to assassinate him resulted in a severe throwback within the saudi oil royal family. in a matter of days they were stripped him of all this power and gave it to the crown prince. he stayed in power as king but he was essentially powerless after that. he was much less favorable to the united states. that was one big setback for the united states. shortly "after words", the lebanese civil war began and i'll come back to that in a minute. that was another setback to american influence. lebanese president was one of the few arab leaders who publicly endorse the eisenhower declaration. the cia covered a plot to kill king hussein, he was in his 20s. inexperienced king. it's running a country whose 80% palestinian who has no support from the monarchy. the cia uncovered the plot by tapping the phone of the

almostnd 200 and there were so many saudi's this delegation that they cannot all fit in blair house and literally set up tents on lafayette square to house the rest ofthe saudi delegation, must've been an extraordinary site. the king was, i would like to say, wined and dined but obviously was not wind but he was given great profile by the eisenhower administration and the failure of his plot to assassinate nasser resulted in severe throwback within the saudi royal family and the saudi royal family was in a matter of days stripped him of his power and gave it to crown prince [inaudible] and he stayed in power as king but was essentially powerless after that. he was much less favorable to the united states so that was one big setback for that united states. shortly "after words" the lebanese civil war began and i sewill come back to that in a minute but that was another setback to american influence in the region and lebanese president camille [inaudible] was one of the few arab leaders who publicly endorsed the eisenhower declarationle and in jordan the cia uncovered a plot to overthrow the king and at this point he's in his early 20s and is a very i

respond to the coronavirus pandemic that's off the politicians in the house of representatives passed another $484000000000.00 in relief. saudi arabia may be forced to reroute tankers sailing to the united states filled with $14000000.00 barrels of crude oil u.s. politicians according to them for them to be turned around i would domestic oil storage expected to be filled up soon. and muslims around the world are getting to march 1st to have anyone from the. countries facing down the streets in his community credit cards up break many communal religious practices up and down its mission. but not to the outbreak united states and people in the state of georgia and other states are preparing to return to work despite warnings from the medical community president donald trump says that georgia's decision to begin in easing its lockdown is in violation of guidelines released by the white house and gallica as its ripple . across the state of georgia non-essential businesses have remained closed for a pandemic that's already claimed close to $900.00 lives there are some signs the outbreak is flattening but with only a few days of da

one of the great students on the leader of the cartel, saudi arabia, is john sfakianakis with chatham househonored he could be with us to give us perspective on the royalty, the kingdom of saudi arabia. i believe the king and the family and mbs and the rest are retreated by the red sea. they are doing what all leaders are doing, trying to stay healthy. what is their number one goal today? what is the best outcome for the kingdom? honoredrst of all, i am to be on your show. thank you very much. today is a historic day. they would be wishing to have oil go up and wishing for shale to disappear and wishing for no political pressure from president trump and wishing that the russians will agree with on either anorward output cut or all-out war, but there has to be an agreement between russia and saudi arabia. there will be a lot of wishful thinking today. tom: as part of this wishful thinking, part of this crisis -- is part of this wishful thinking, part of this crisis old oil buttressed up against new technology? thanhis virus nothing more a catalyst of new technology overwhelming russia and sa

percent at times what do you make of what's happening with oil as this news comes out of the white house speaking with the saudis. what you know as you as i talked on monday ok i said that there's going to be a bounce i mean you know again it's such a a repressed level that there's going to be some sort of a bounce we get the bounce now again you saw today we did we right up to about $28.00 bases may crude and we close around $24.00 and a half so i guess either we're going to probably work our way lower again this was a quick reaction which really caught a bunch of traders on the short side so this is a good old fashion rip your face off short covering squeeze and the end i think we start settling back down not over go back to 20 but i don't see it's going to 30 anytime soon todd horowitz of baba trading thank you so much for your insight as always we'll have you back soon. and time now for a quick break but hang here because when there is so much more after the problem and as we go to break here are those numbers at the close. we. believe it will. it will. get it it will slip. let me. ask i wouldn't. take i cou

of course, mr. kudlow is leaving the white house with a number of policy prescriptions including the fixation of saudi arabia. early front and center after the jobs report is the stark inability of people to keep their jobs. please stay with us. this is bloomberg. ♪ francine: this is bloomberg surveillance. tom and francine from london and new york. we are talking a lot about the u.s., some of the figures that we may see a little bit later on in terms of jobless claims. we will get back to paul donovan and ubs management. i wanted to ask about europe. there is so much fight between italy and some of the countries that corona has hit. can we talk about debt forgiveness or will we see italy in a bailout program once this is over? that it isn't think the only way. i think there are institutional mechanisms that with a bit of tweeting can possibly help provide common assistance. we have seen the commission talking about raising calls as well including the markets that are not quite corona bonds but led by the european commission with the government guarantee. i don't think we need to fixate on corona bond

president putin of russia and king salmon of saudi arabia i spoke to them from the office great deal for all writes the president joining me louisiana congressman houseweek led a group of house members to push saudi arabia to actually make that cut to cut barrels to address the global oil glut, he joins me i right you congressman always pleasure to see you how are you doing. >> doing well hope you had a great effort. >> great to see you, i saw the letter that you signed wi colleagues to king of saudi arabia asking for them to cut production tell me about that do you think they are going to stick to these promises? >> i do maria, the house energy action team led by mark and jeff duncan part of the whip team talking to state department about dressing saudi's dumping and cutting the price of oil to see the president jump in recognize this as a problem call on saudi russia to go back to table address what they were doing look the real problem we all know is that there is right now just a global shortage in demand, so you know old hundred million barrels a day of demand you are seeing down may be 30, to 40 million barrels because most governments are shut

of the coronavirus cut demand. the white house says president trump is currently speaking to russia's president and saudi arabia's king about the deal. still ahead on al jazeera, thousands of afghans rushed to the border ahead of the planned closure to contain the spread of the coronavirus. and the president releases a home workout video to encourage visitors to keep fit during the pandemic. >> some rain is on its way in the eastern sections of new south wales. then let's talk about this. you can see it off the edge of your screen. still a powerful cyclone but now it is not threatening any land. it did do damage. it is right across this one province. you can see the damage caused by the winds and they heavy, immense rain. across hereitions is improving. the rain is very heavy through eastern areas of new south wales. meanwhile, across australia, very warm temperatures. rain showers beginning to head toward the coast. showersplenty of rain along close to victoria. you can see very strong winds across much of the tasmania. these are well above the average. 37 by sunday. the actual record of april was set on april the ni

many saturdays on the delegation they all couldn't fit in blair house and they set up tents in lafayette square with the rest of the saudidelegation must been an extraordinary site. like to say wined and dined but given great profile by the eisenhower administration. the failure of the plot to assassinate resulted in a severe throwback the saudi royal family and a matter of days stripped assad of all of his power and stayed in power as king but essentially was powerless afteraf that he was much much less favorable so that was one great big setback from the united states shortly afterwards the lebanese civil war began that was another setback the lebanese president was one of the few arab leaders that publicly endorsed the eisenhower declaration the cia uncovered a plot king hussein at this point is on his early twenties very experience king running a country 80 percent palestinian and then to plot with the objection and trip on - - plot to overthrow the king and to turn to the king of jordan king faisal the second and asked him and the two of them agreed iraq would send the brigade of the iraqi army to help the stabilize

of four basis points lower. coming up, the white house floating the idea of a ban on saudi oil imports as it weighs options to rescueil industry. you are with bloomberg. ♪ haslinda: let's do a quick check of the latest business headlines. chevron is being told to halt oil production in venezuela immediately as the u.s. pushes for regime change. the company can no longer drill, products,ransport oil although it still may ensure the safety of its operations in venezuela until december. the decision also applies to oilfield service providers halliburton, becker hughes, and weatherford. united airlines is seeking more than $1 billion in share sales, stepping up assets to boost capital amid the virus-induced collapse in air travel. the offering is priced at $2 6.50. the sale is the first from a major u.s. airline in the pandemic and comes even as the government steps in with federal support. top chipmaker taiwan semi's warning of a potential adverse impact from the coronavirus, including possible interruption of the global supply chain. in its annual report, it says there may be production delays due to shutdowns because

it was over the past few years where most of the bills go under funded sometimes by less than house over thanks very much. hundreds of yemeni soldiers in saudi arabia have laid down their weapons and they're demanding to go home they've been protesting for a 2nd day about not being paid for 6 months and not having a day off for more than 2 years the yemeni soldiers help protect the kingdom southern border from u.c. attacks the border guards are part of the saudi led coalition bush has waged war in yemen for the past 5 years 2. in kenya and stage 3 of the search for 22 people who disappeared during flooding 12 people confirmed dead when homes shops on the market were all swept away by a landslide triggered by torrential rain as katherine sawyer now reports the disasters in the same area where a landslide killed dozens of people 5 months ago. flying over this scenic terrain in western kenya it's hard to miss the devastation on the ground which is caused by a huge margin light after 2 rivers bust their banks it's been raining heavily for days in the more mountainous areas and the impact is felt in this area the kenyan counties. and west palm co

house friday afternoon. this issue of the a price war between saudi arabia and russia came to the fore when donald trump to egypt that he'd already sorted something out it's a bit you know and yet we signed on the crown prince of saudi arabia and he said the 2 of them that putin and everything would be sold pretty soon. a lot of it looted how about how the saudi arabia say oh at what we could come to some sort of agreement on reducing production to stabilize the oil price if the u.s. gets involved there's some coordination with the u.s. so we're looking at this meeting to see whether don't truck would be able to talk to various oil executives chevron exxon reader and stop and the kind of intervention and other relevant factors to see whether you get some kind of agreement on this from what he said at a press conference mother in fact he said look it's a free market maybe it'll sell itself out eventually and the answer clearly no deal on oil and then the other question up there is quite significant something that you mentioned a moment ago this issue of exporting of musk's produced in the u.s. and 95 marks a pers

the lockdowns to prevent the spread of the current virus cut demand a white house official says president trump is currently speaking to russia's president and saudi arabia's king solomon about the deal. still ahead $100.00 at thousands of afghans in pakistan rushed to the border ahead of its planned closure to contain the spread of the current a virus. and uganda's president releases a home workout video to encourage citizens to keep fit steering the pandemic. i know there's some rain is on its way into eastern sections all that new south wales but ahead of that let's talk 1st of all about this little massive cloud you can just see is coming off the edge of your screen there that is what was like and now it is still a pavel's like i am but it is now north threatening any areas but it did do damage look at this across this one province of on wall so you can see the damage caused by the way out of course so it's a very heavy amounts of rain and you can see this boat that has actually been a beach as i say weather conditions across all of our lossie fiji is really improving as we go through the next few days but the rain is very heavy through easter

you take it all obviously and i slew of having to assume why do you have to assume the worst when it comes to saudi arabia operations gone wrong this is that pretty house to how good use assuming the worst of your great worst grave was pretty bad and they got a lot of bad publicity for it but we are not talking about a long time as the best of what and we're dealing with it that we're putting people on trial and we will be punishing them one of the key questions that keeps returning is whether the crown prince created an environment which allowed his agents to behave in the way they did in istanbul or you would tell me that's not true wouldn't you of course not the compass is a driving force behind change in her view because the driving force behind empowering women and men and her you gave your youth has to driving force behind economic opening and economic reform and of increasing repression against those who dare think and act in an independent fashion i disagree with that he said driving force behind entertainment and recreation in saudi arabia he said driving course behind technology and investments in technology and surgery he's the driving force

number of the oil ceos, a number of the big guys went into the meeting at the white house friday with a goal of telling the president they don't want him to impose tariffs on saudi oil the president was considering that they were concerned that was the way he was going to go we know he went into that meeting with the idea of talking him out of it. over the weekend the president talking about tariffs, but only conditionally. here's what he said. >> the oil price stays the way it is because people that really want to see it go up -- when i -- we want to save a great industry we built a great industry in this country if they don't get along, i would do that, yeah, i would do tariffs. very substantial tariffs, because we're independent now. we have our own oil. if i did the tariffs we would be saying we don't want foreign oil. >> the president holding off on tariffs for now but saying if the russians and the saudis can't come to some agreement on prices, he would put tariffs in place because he views it, dom, as saving an american industry back over to you >> eamon, this is key. over the course of the past several months and maybe the last couple of years, at numero

house. there is a couple of components here. of course the russia, saudi arabia angle the president tweeted about today that moved market as well but also domestic demand back here in the u.s., that has cratered as well over the last few weeks. back to you. connell: yes it has. blake burman live in washington for us. melissa. melissa: all right. let's bring in bill mcgurn. he is a columnist at "the wall street journal" and a fox news contributor. you know when you're looking at these jobs numbers today to some people it was a surprise the market went up. do you think that maybe, i mean one way to look at it i heard people saying it shows that we're at least doing what we're supposed to. that everybody has shuttered and sort of gone home. maybe we get through this horrible illness and to the other side if everybody is following direction, what do you think? >> yeah, i think that is a reach for a silver lining here. i'm staying at home. i get in contact with people that are delivery people, call restaurants and so many people are really hurting. i don't thin

of the us government including the white house every assassination every act of ethnic cleansing every disappearance of a dissident every terrorist attack every order to carry out torture whether that took place in guatemala or saudi arabia was known by the united states joining me in the washington studio to discuss these revelations is william binney a leading intelligence expert who worked at the national security agency for 30 over 30 years so bill it is a great fascinating story yeah were you aware of it when you know i wasn't actually go but but i mean it makes sense i mean the standard procedure. for intelligence agencies to try to get other of course countries to buy into their system well they did an amazing job in the other 123. countries. and they may even made money on it millions of dollars selling which went right back into the absolutely venture but we're talking about some very dirty regimes the shah in iran and military dictatorships and hunters in latin america india pakistan even the vatican. that's how they manage to get manuel noriega. and there is this of course. this is what intelligence services do and why they were created what they were meant to do but it does make them morally complicit

of their response here. >> thank you for. >> that sticking with that washington theme, president trump is inviting key energy executives to the white house today one day after telling cnbc he expects russia and saudi arabia to commit to a 10 to 15 million barrel a day cut brian, this has been the key driver of energy in the last two days what can we expect if it actually would happen. >> caller: good morning, dom 10 to 15 million barrels from russia and saudi arabia is not going to happen, period. russia can't shut off oil production because they need the gas that comes with it what i can confirm is that on monday, there will be a web inar meeting open to opec koint countries. in theory, the united states is invited the u.s. talking about the big companies that means they won't cut unless the u.s. cuts that's the only way you are going to get to 15er at what point do u.s. producers start to feel that pain or move towards that >> caller: we don't have a single producer like aramco or like in russia we have hundreds or thousands of producers in the united states ranging from some guy with a well in his backyard to exxon. first off, you are bordering on illegal price fixing they went ahead and asked

why the massive crackdown on human rights activists inside saudi arabia conflicts of the decent of a good 30 minutes on the doubling of the. houseirus spread. why do we panic and when we'll all miss them trying to just 3 of the topics covered and the weekly radio show is called spectrum if you would like him. information on the coronavirus or any other science topic you should really check out our podcast wherever you get your podcast you can also find us at. science. the global corona crisis you can find more information online at c.w. dot com and on t.w. social media channels. how to. discover your concept discovered with the power. of school alleges after $100.00 lives the ideals of the box are more relevant today than they were a. 100 years ago visionaries reshaped things to come because people understood design is a way of shaping society. about how awesome does cross our with ideas that are part of our future. what makes the bow and its. firing to this very exciting top card to. play. world are documented trick stores may contain w. . playing . this is the news live from fighting for every life in one of germany's coronavi

saudi arabia conflict and the. next up almost d.w. of the. in a timeless way discover the houseof housework starts may 8th on the w. . happiness years for everyone schumann penises are very different from primates you know we have a totally ridiculous amount the size view nature david and this is climate change rags and sex happiness increase books you get smarter for free you know when you books aren't. we know that this is a scary time for the coronavirus is changing world changing. so please take care of yourself good distance wash your hands if you can stay at how we do w. me here for you we are working tirelessly to keep you informed on all of our platforms we're all in this together and to get on and we're making sure you stay safe everybody. stay safe stay safe and freeze stay safe. this was a cold operation that it was not authorized we still don't know what happened to the remains of mr kushner how is that possible we don't have a history of good friends of cities for 16 months of gone by since a saudi journalist jamal khashoggi was killed by agents of his own state is

saudi has never stayed. on for the back to go with the headlines on al-jazeera the u.s. house of representatives has passed a new $484000000000.00 relief bill to keep small businesses afloat during the coronavirus pandemic and also provide funds for hospitals it follows a 2 trillion dollars stimulus package that was passed last month meanwhile a record $26400000.00 americans have lost their jobs since the end of last month in just 5 weeks all the jobs that were created since the end of the 2009 recession have been wiped out. economy will soar to pick up very substantially as soon as the states get open and that's happening as we speak and it's actually very exciting and. people are just just thrilled to see it because our country has to get back to work they want to get back to work you see that whether it's a demonstration or just in talking to people they're going to get back to work and they're going to get back to work very fast brazil is reporting its highs death toll on a single day 407 people have died from the coronavirus putting its nationwide toll to about $3300.00 more

house with oil executives. one of the things that is likely to be discussed is the united states putting tariffs on saudi crude. is that a good idea, a bad idea? what would your advice be? fatih: i also talked with the u.s. secretary of energy. all of the ministers around the world are concerned. i don't know what kind of decision that meeting will bring, but i can tell you that many companies in the united .tates already decided to cut as a result, we may well see that there will be a potential loss of u.s. production this year, a significant potential , fromf u.s. production --t down, and also cuts [indiscernible] tariffst do using about on saudi crude, though? do you think the united states has a case to make for putting such tariffs on saudi crude, considering it was the saudis that made the decision to basically crash the price of crude? fatih: i think today is the day that we have a constructive dialogue within all the countries around the world, and it is the very reason i believe to provide a forum to bring countries like the united states, saudi arabia, japan, u.k., and others together to sit around th

saudi out i see of the event of the coup. that card was. to go both gold ream i live in a refugee camp in the bekaa valley in lebanon tween the houses of lives where more syrians live than i've been east. or the son of god. so. i love the idea of the 2 friends fled 4 years ago yet their homeland syria is only a few kilometers away it's. just beyond the mountains. got us was going i'm going home. i've been back on the things in the home can remember so do you remember the 1st thought of a promise not to do that again and i think. about 14000 people across the border yesterday . like both dreams across the globe 65000000 people are fleeing war on terror crossing season continents risking that large city 8000 refugees and migrants who cross into the country hundreds of thousands more are expected to do the same and they're not always welcome. like breaking down. the world why politicians deride them you know i have to decide elections going back to go along . however only a few of them make it to europe and america while most syrian refugees have headed for neighboring countries like lebanon. no other country has taken more refugees than lebano

of saudi and russia production offline. no country could physically do that it would have to include u.s. producers. and my guess, tomorrow at the white house, there's going to be a, you know, you guys need to roll back your production kind of conversation. >> brian, let me jump in there i have a piece -- kelly, i don't know if you have it yet, that just went up on foreign j foreignaffairs.com on this subject on to what's actually happening. i think the president, he's famous for being a dealmaker, i think here he's doing divorce mediation, getting these two countries together but as brian says, that even if you rolled back what they had, the increases -- it's not clear the russians are increasing, the saudis are increasing and some others are, it would be maybe 4 million barrels a day. what we're looking at in the month of april is a 20 million barrel a day decline and you're not going to get the cuts out of just those countries and it's not like saudi arabia can just tell oil companies to cut back so that's where the puzzle is. we think, our view has been that we were going to see a 10 million barrel a day decline, because producers are g

politicians of the house of representatives passed another 4 $184000000000.00 in really a unilateral cease fire and yemen has been extended for one month according to a spokesman for the saudi u.a.e. coalition the original 2 week truce was declared off of the u.n. secretary general call for a global ceasefire because of the current of us humans health care system is already on the verge of collapse and more than half of the population faces acute food shortages muslims around the world are beginning to mark the 1st day of the fasting month of ramadan with countries face he looked on restrictions because of the outbreak many communal practices are being done in seclusion but in pakistan their affairs infections could rise rapidly during ramadan the government's decided to keep mosques open and people gathering to pray they say must follow the social distancing measures that will hide has more now from islam that they're worried had organization had already worn their death by get started nor take the next action. over 200005 made. a very big challenge for the government which after now keep a close watch because the doctor they have been warning that it is going to board the

cannot remember what year but maybe five or six years ago when one of the prince's in the world family in saudi arabia said israel now house the same interest as we have, you never hear that in the saudi royal family saying something like that. so israel now is not the threat it was before, israel always thought egypt since the signing of the peace corporation, to have other arab states seeing israel as a counterbalance to iran and therefore consistent with their own interest, that is a big change. >> that is a big change. it's a big change, it explains why arab countries did not forcefully reject president trump's peace plan, even though they mad may disagree with her,y put out a sharp statement at the arab league but it does not serve much purpose, the statement was literally to the palestinian because countries like saudi arabia want to stand president trump's good side, because they want it to be about the focus to be encountering tehran and even if they don't, as i just mentioned feeling president trump would necessarily come to their immediate defense if they are threatened by iran or talk by ron, they still feel thi

stashed them thinking in my house for richie sorry it is the cat by the price barry price war talk what we want from one more question of mentioning there about the only last week saudi arabia posted its production to a record high or is the logic behind that what were they thinking. is seen retiree's and i are clearly right besant matter how much you are struggling about or a market sense list of the barriers are a little early after in credit and cheering and rock balance so really it matters not i.m.s. shall be good for you says. sorry as. in the real world where russian capacity of 30000000. they have none of that shims that i well remember it seems that our well. there are several of whom are still only a little better. than the. rest period or a little. bit better that's very risky even though they can do it for sure because rape happens. over limbs and women whereas in. the real progress shouldn't that person again earlier production by hand that back by the 1st piece of woman they really help us yeah there's so many layers to this well no bit more a month after that meeting the opec meeting but for now dr mamdouh seller may thank you have a good day thank you

maybe to put a floor on this with the saudis and some time of alliance with the saudis that i think at this point is on the back burner suggested by the white houseings we're focusing on what's the state of things >> well, look, you talked about the demand shock with regard to the markets because of this energy markets, because of the pandemic but the saudis have really brought in a supply shock at exactly the wrong time i think these kind of crises really make it clear who your friends and who aren't your friends. who your friends and who aren't your friends i've led an effort with a number of senators, 13 of us wrote to the crown prince and fold up with a conference call bheegt the ambassador and, you know, this was a really frank discussion that i essentially said look the entire strategic relationship from my perspective, all the senators who were on that letter and conference call with the ambassador have been strong supporters of the u.s.-saudi relationship that's going to change if the saudis don't start playing a more constructive role with regard to energy markets, particularly when our country, my constituents, constituents all over the

of saudi arabia. president trump believes that they have given agreement anden spat >> saying the production cuts the white house are envisioning are over in russia and saudi arabia and saying the president believes he has a commitment i think the emphasis is on the word believe the russians have been skeptical about a commitment vladimir putin said he could see a cut around the world it's not clear how much from his comments he envisions russia doing as part of that cut and whether that vovrs the united states cutting as well all of that will be on the table here for this oil executive meeting. one of the big issues i'm told, they will be talk about is this idea of tariffs on saudi oil that's something that a lot of people in the oil industry believe the president is interested in doing but a lot of people in the oil industry, some of the big producers don't like that idea. some of the little guys do like it we'll see where it all lands at 3:00 p.m >> thanks. great reporting as always. coming up, we'll have more on oil, the market turmoil, the s&p and another volatile week down about 3% it's utilities leading t

house. get on to the latest on coronavirus in a moment but 1st we're going to begin with the announcement of a cease fire right across yemen it came from the saudi led coalition that's been fighting who the rebels since the war began in 2015 it's juju last 2 weeks in a come. force on thursday but in the hours after the announcement there were attacks reported on both sides these pictures are said to show the result of one attack said to be carried out by the goofy's with missiles fired into the city or body of the saudi led coalition is based the u.n. special envoy to yemen has welcomed the move calling it a critical moment or how much has this update from sanaa since the midnight people expected that the cease fire will take place but according to news agencies that the cease fire will hold its place by thursday at noon but so far there are more than 10 rays that have been carried out by saudi fighter jets in different regions of yemen especially in iran also in iran and incite saudi territories and also others inside the problems which is in the border with the saudi arabia many people hope this cease fire will will hold spirits place and also

it's contingent upon a lot of things from the white house including things like harrell saying putting tariff on oil. scott: contingent on russia. unfortunate with the russia-saudight that they had, boy that was just the perfect storm, then followed up with coronavirus. you have seen the massive selloff in oil. it doesn't just affect refiners and frackers here in the u.s. it's not really affecting farmers because what's the price of ethanol now if we have oil so cheap? ethanol is one fifth -- one-third of price of corn. anything energy like is plummeting. good to see rally come back but there's so many other players it'll be iffy. it will come back. tit for tat for russia and saudi arabia. be careful what you wish for. they got it and now they have to climb out of it with everybody coming in the same page at once. charles: outside of cease fire between russia and saudi arabia, maybe happened sooner than later, saudi arabia calling emergency opec meeting, what do you think executives in 5 minutes will be saying to president trump and what can the white house do that will be most impactful and quickest? >> i think executives will tell him that it's probably a shor

saudi arabia to cut production by up to 15%. the president meeting with oil of executives today at the white house for more discussion on saving thehale producers, among others. help for small business is on the way. loan applications open today but concerns remain about the volume, the white house says money going to individuals should start appearing in bank accounts in a couple of weeks. new recommendations this morning on wearing masks to stem the spread of the coronavirus. we are going to wait to hear what the cdc says but it is widely expected that when you are going outside of your home, wear a mask. take a look at this live picture from earth kampf of myrtle beach, south carolina. it is a beautiful morning but the beach and board walk are empty. "mornings with maria" is live right now. global markets this morning are under selling pressure, european indices down across the board. fq100 is down 58, cac is down 40, dax is lower by 32. the impact of the virus being felt across europe. the march purchasing manager's index for you're row zone hit an all-time low this morning. in asia, markets were fairly flat, not a lot of dire

house coronavirus task force briefing has been delayed temporarily. the president is on a conference call, has been on a conference call with the leaders of russia and saudi arabia. that would be vladmir putin and king saloman to strike an oil deal. prices are plunging to generational lows. they're clawing back. there has been an agreement, reports coming in among members of opec to cut oil production by 10 million barrels per day. let's take it up with former li