the iea says that will stop growing. mexico will have negative supply growth, as well as norway in china. more pressure on saudi arabia and saudi arabia is getting maxed out. huge issue for 2016. joe: i will take the overage and say it will rise again next year. i wanted to talk about greece and deep dive into the terminal to look at the greek etf's. the market has not been trading but there is an etf, trades in the u.s. that track rake stocks. -- that track greek stocks. anyone who is trading this is the same gambler who wants to have big moves. after the referendum we saw this huge crash on the day after the referendum, but it has made an extraordinary come back and regained 80% of its losses. despite the fact there has been no underlying trading in athens. one fun proxy of looking at greece. alix: i want to talk more about greece. we are joined by our guest who xit."d the term "greg's joe: this is like having a legit celebrity. coiner of the word "grexit." >> it is unfortunate it is a much in the news. we will not hav

it's a wonderful agreement, which is the standard procedure of the iea. and we have lived with the iea, senator, and we have ride on them for years and years. >> republican senators taking a precedent with a stand against the obama administration. >> secretary carter, is it correct that iran is the leading state sponsor of terrorism in the world? >> we talked about that before, and i believe that's true, yes. >> but those republicans the people that the white house hopes to win over in the next two months. it's democrats and the constituents that they will hear from in the long august recess. >> erica, stores of house democrats went to the white house this evening at the invitation of the president, for a reception where the topic was of course iran. the white house making a pitch that pulling out of the multilateral deal will only weaken the united states. erica some. >> all right, libby casey, live from washington d.c. thank you. >>> well, there could be a new include in the search for missing malaysia airlines flight, 70. what appears to be part of a w

the iea agreeing with you that there is a lot of oil out there.oil to drive lower, what will be the actual catalysts? fadel: oil production is at a three-year high. despite the spending, and the collapse in oil prices, the decline rate is much slower than previously expected. global oil is at an all-time high. finally, lifting the oil export ban lifting the economic sanctions on the plan will add additional volume into the supply situation, which would exacerbate the situation. tom: what is the impact of the iea report on oil producers and oil strategist? does the forwards market adjust to a report showed devastating? fadel: actually, the iea has always been optimistic and always revised their demand growth. usually the error on the high side come on the demand side. now they are saying supply is very high. tom: this is a huge deal to see them shift from demand analysis over to supply analysis. brendan: i am trying to understand, does this mean that the opec strategy has worked, priced down into oblivion? facdel: share production is here to stay.

that's in part because the obligation on iran is somewhat different than the obligation that the iea has taken unto itself, right? the timing of the obligation that the iea has accepted is that it gets iran compliant, iran's cooperation by the 15th of october, right? well based upon the structure of the implementation phase of the deal, there is zero chance that any sanctions relief can happen before that cooperation has been given, right? it's written into the document as an obligation of the iranians to have done this by adoption day and so as a consequence of that, if they didn't provide the cooperation, the united states and p 5 plus 1 partners would be in a position to say, you you're not fulfilling the terms of the deal. they could walk away you could theoretically go to the dispute resolution process, so on and so forth. bottom line, i don't think there's any chance that any additional relief could be given. there is potentially a theoretical world in which adoption has taken place the iranians speed through implementation, right, and the director general has not issued his re

if after surviving intro to engineering design and iea you have not come to grips with who you are and where you are from let me tell you, you are engineers. and as your commencement speaker, i'm required to give you council that will provide you the foundation for success for the rest of your life. but to now, since i am now limited, i think something like 4.809 seconds left, i offer you one thought. embrace your inner engineer. embrace your inner engineer. without rpi graduates, the country, no, the world, would be a different place. your academic ancestors invented the ferris wheel, built penn station and explored outerspace . without rpi engineers, the world would not only be a lot less user-friendly, it would be a lot less fun. embrace your inner engineer. it's time to stand up and admit it. you love the logic of spock. you spent countless hours playing super smash brothers and you laugh at "big bang theory." embrace your inner engineer. you love research. the coolness of algorithms. the smells from chemistry labs. and, most likely, you took apart some family prized possession whe

there are people places documents that the iea needs access to.negotiated right now. and if the details are not there, we won't have a deal. my sense is that the iranians have invested a lot to get to this point. now we'll see if they are prepared to do what is necessary to lock everything in. >> you think ultimately they will allow free inspections? >> tell >> tellwell if they don't, we won't have an agreement. the president is clear on this. if we don't get what we need the international community is not satisfied for us to tell the world that iran is not going to develop material for a nuclear weapon there's no deal. >> let me ask you about a place where we have a deal already, cuba. just opened up diplomatic relations with cuba and the embassy going to be in havana. the embassy in washington a cuban embassy, but will there be an actual ambassador to cuba from the united states? marco rubio says not on my watch. it remains what if anything has been achieved since restoring these ties. >> i do hope we get an ambassador. we are looking to restore

breaking reports from iea. the international energy agency. crude oil prices fell to the lowest in nearly three months. we know they say the oil price pressured by rising supply and financial turmoil in greece and china. they say demand growth appears to have peaked in the first quarter of 2015. >> they cite factors like greece. not only with a greek grexit curve oil demand but it could dampen deliveries if turmoil were to spread to other countries but the big headline is iea saying it may fall more around the world. >> on the demand side two curveballs in terms of greece and iran. greece to the downside iran potentially to the upside. on supply they say that all supplies surged by 550,000 barrels in june and opec in particular increased because of record high output from iraq saudi arabia and the uae even before iran is brought into the fold as well. oil prices have softened but bouncing back a little bit today. let's look at european equity markets which as you can see very strong this morning. we're looking at 1.5% of gains for the stoxx 60

and even with iran, the iea has been active there.s a treaty member, and we are where we are today because we violated this commitments before. and the iea wasn't able to detect and stop those things in time past. so we've seen this before with and i know north korea. i think as we should conscious with this. . >> well, the satisfies easiest is israel. and we just had the ambassador, former israeli ambassador for the united nations on. he said israel will not allow iran to get the bomb. in other words, he pretty much guaranteed if they violate the treaty in any way, shape, or form, israel is going to go in and hit iran before they get the nuclear bomb. >> here's the problem. iran's leadership is very smart. they're not going to begin by not abiding with the treaty. they're going to abide with the treaty while building something else. they're going to increase the load of the long-range missiles. they're going to increase their capacity of antiaircraft, that is against israel, and they're going to continue with their intervention with

hardest bits and among the problems we know in this last phase is the whole idea of policing the deal the ieahief recently came back from tehran, a part of the u.n. that deals with nuclear matters. they would be the ones inspected. where would they be allowed to go for years about iran's nuclear program. the other aspect of this which is causing troubleing trouble in the whole round is the sequencing of sanctions. iran wants sanctions lifted right now. the other countries say, no. we want you to comply. we want you to show that you are pursuing a civilian nuclear program. we want to shut down the centrifuges. that was agreed in lozanne and then we will lift the sanctions. i think the way they are working now is they will set a date in the future when the sanctions will be lifted but by that point, iran should have completely complied. that's what they are working on. but trying to finesse that has been a defendant difficult matter. what will happen is the foreign ministers from the p5+ 1. the other companies negotiating on the behalf of the international community with iran. they are coming b

it is the iea, not the united states, not their negotiating partners that's going to sanctify this or bless it. that will lead to the sanctions being lifted. that is, i'm sure going to be questioned as well. to your point, the nuclear inspectors, we're told, will not only be able to have access to the sensitive sites upon request but when there is a dispute it will be negotiated and taken immediately to a group that includes the united states and the other allies. this other group will not have the veto power. there's one other piece that's unusual. the snap-back part of the sanctions. the sanctions would go back on -- basically, no one can veto the sanctions going back on if someone proposes a resolution to put them back on because iran has cheated. they have to disprove it and it can automatically be snapped back on. >> andrea thank you very much. we've got a major turning point here, joe. give us a sense in terms of the big picture, 20,000 feet. what this deal means for the obama presidency but also what lies ahead in terms of the controversy over it. >> well what, it means for the

that is what the iea is betting on.el, our resident commodities expert, thank you so much, gianna, joining us from chicago. what can the price of sushi tell us about the overall economy? that is coming up. ♪ is the bloomberg market day. i am scarlet fu. down theing day up and east coast. it looks ok, but when you go outside you just get hit in the face with humidity and heat. let's go to julie hyman for a look at the big market stories. what is hot in markets? into: it is perfect to go the weekend, to get hit in the face. there is not a lot hot in the markets. we saw a so-so session. more or less -- the dow is less. take a look at my bloomberg terminal, the different sectors here. pretty even green and red today. resenting this little slice, the biggest drag. utilities are up the most in today's -- presenting this little slice, the biggest drag. utilities are up the most in today's session. this is where the drag is coming on stocks. again, setdown once up for the worst month of the year, exxon and chevron falling. high

the kcpoa wil grant the iea access when and where it needs it. inspectors will have access to the entire supply chain that supports iran's programs. we can trigger a process of the security council that will reinstate the u.n. sanctions. the fourth and final lesson we can learn from the process that led us here today is that when our nations truly unite to confront global crises come our impact rose exponentially. the founders of the u.n. understood this concept intrinsically ended trying -- enshrined it in the charter which called on each of us to unite our strength to maintain international peace and security. it is now an axiom our nations can do more to advance peace justice, human dignity by working together than any other single country can achieve on its own. indeed only when we act as united nations can we address the world's most intractable problems. although we don't see this unity enough here at the u.n., the countries of the u.n. did largely unite behind because of preventing nuclear proliferation in iran and it was the persistent mu

iea will require continued financial support. iaea is a member of the united nations family of organizations. it has its own membership and budget. it has a formula for assessing members in accordance with the approved budget to carry out its programs. the change that it requires -- the change requires the approval of all 35 governors. whether all 35 would be enough --forcing them to a vote is not usually the way the agency would operate. the american perspective on how to make this perspective succeed is something on the order of 50 million, which seems like a nice round number, but it is much smaller -- i can't say exactly. in relation to the police force washington d.c., i think it is very modest. in addition, technological support must be continued. there are today member states voluntary support programs. the american program is still the largest. its current funding is about $15 million per year or so. without their -- without that there is no hope that you can solve problems. scientists are engineers are really smart guys.

they're going to be some what managed and the head of of the iea said he had signed a road map. and that's due to be completed by the end of this year. there's still details to get over here but they made their agreement. it's probably going to be on some presidential lefld today. this will be announcements. we're expecting rohani to speak in iran in the next few hours. the authorities have given us a warning that the president is going to address the nation. i have been hearing from people i know in the city that as soon as the announcement is made official and it's broadcast on tv they're going to go out on to the streets in teheran and celebrate. people in iran have been yearning for this for a long time and they're hoping this will change their fortunes now. >> but this late standoff in the last couple of hours and days has been about when the un sanctions embargo will be lifted and now that could be lifted in five years. the five years mark would that be seen as a defeat for iranians? >> you're breaking up a little bit but i think the iranians won't mind that too much. the

iea will require continued financial support. iaea is a member of the united nations family of organizations. it has its own membership and budget. it has a formula for assessing members in accordance with the approved budget to carry out its programs. the change that it requires -- the change requires the approval of all 35 governors. whether all 35 would be enough --forcing them to a vote is not usually the way the agency would operate. the american perspective on how to make this perspective succeed is something on the order of 50 million, which seems like a nice round number, but it is much smaller -- i can't say exactly. in relation to the police force washington d.c., i think it is very modest. in addition, technological support must be continued. there are today member states voluntary support programs. the american program is still the largest. its current funding is about $15 million per year or so. without their -- without that there is no hope that you can solve problems. scientists are engineers are really smart guys.

and checking in on oil after the release of the latest iea forecast, international energy agency, sayingal oil demand will slow in 2016. they're warning that the rebalancing of supply and demand in oil markets, quote, has yet to run its course. you would think that would lead to lower oil prices, not at this very moment. >> let me chime in here. that is a big rise from the quote in oil yesterday. we hadn't seen a rise for couple days until yesterday. month to date we're still down 11% but that is a big move in oil. iran possibly putting a million barrels more a day on the market and other issues. sandra: floating $50 a barrel oil. espn is looking to significantly cut its budget. lauren you're following that story. >> i am. more of us cutting the cord. cheaper bills. pressure on espn because of that is mounting. espn is a network that averages 2.4 million viewers in prime time. so it lost about three million of those subscribers in the past year. it is paying more for content. as a result "the wall street journal" is reporting that espn is undergoing a major belt tightening. that includes

comes to the inspections of nonmilitary sites, which are allowed under an additional protocol of the iea ee. or the kind of phasing of sanctions with responsibilities on both sides. yes, they would like a deal. the seven days are not a deadline. they could possibly go over that deadline. if they have their dream scenario, they would like to -- it is mainly an iranian and american negotiation. the real deadline is before they have to go to congress for the oversight. charlie: the reason i said they desperately want a deal, if you were working this hard to try to hammer out something, it is because you very much want this to happen. john kerry has been back and back and back. so he went back to tehran to make the case. if they are trying this hard, it would seem to me that there is a great intensity to try to find a solution to these very difficult points. margaret: that is exactly the case, charlie. john kerry brought a physical therapist and two doctors with him. he literally got off his recovery bed to make it here and because he is trying to close what could be a legacy making deal for

>> well, if the iea has concerns about these areas they can request access, and iran can take steps to safeguard the sensitive activity. and also, other measurements on the elements of the fuel supply chain will be very strong. the inspectors will be able to continuously monitor iran's material and evidence of their program, from mining uranium overnighturanium ore to centrifuges. >> if that happens, are we basically at square one on this. >> i think that we have moved past square one if that happens. it's a very dangerous game if the u.s. kills the deal and walks away. because essentially washington will be walking away alone w. out the international support of our negotiating partners and the rest of the world community. and that support to keep the sanctions in place is really what brought iran back from the negotiating table. so if the u.s. kills the deal, we'll be far away from where we started in 2013. >> the arms control association in washington. good to see you and thanks for your time. >>> and aljazeera america has confirmed that turkey will allow the united states to use a s

the agreement now has a process where iran can challenge the iea iaea could adjudicate that. and they say that 24 hour access does not mean anywhere any time. >> lacy, we know that there is no perfect deal, but is this the best deal that both sides could hope for? >> this is absolutely not a perfect deal, but it's a very good deal. from what we know so far it looks very very strong. this is most particularly this deal put in place extremely--extremely top verification measures that will allow the united states and it's international partners to insure that iran is not going to build a nuclear weapon. this may not be any time-anywhere access, but it's adjudicated access of nuclear facilities including military facilities which is a very important part of this deal, one that needed to be included. this is a very--this is tough. it will roll back iran's nuclear program signaturecally from where it was. it's already been rolled back some, what but it will be rolled back even further. it will give a year for reaction time if iran does make suspicious moves. >> what happens if insp

because we are dealing with radioactive materials here, it makes it a little bit easier for iea to holdt otherwise. so i'm optimistic about it. i'm hoping for the best. >> you know looking at big picture again, and historic jonathan then senator obama campaigned saying that he would do things like talk to iran talk to cuba or go into pakistan and get bin laden. listen to this. >> as president obama of the united states, i would be willing to lead tough and principled diplomacy with the appropriate iran leaders at a time and place of my choosing. >> that's the way to bring about real change in cuba through strong, smart, principled diplomacy. >> and we had a chance to take out an al qaeda leadership meeting in 2005. if we have actionable intelligence about high value terrorist targets and president musharraf will not act, we will. >> opponents criticized him for these statements jonathan but he delivered. >> yeah he looked like a kid when he was making those promises. he did. he's delivered on a very large number of the promises that he made. at the end of my first book on obama, i catal

much the intelligence agency and inspectors and iran must be aware of that and it's important that iea remain independent and standoff an attempt to hijack the inspection. >> good to get your perspective on this former director general of the international atomic general agency joining me on the line from stockholm and thanks very much for your time. now it is just after 10:00 gmt, 1:00 p.m. in doha and this is al jazeera with extended coverage of the iran nuclear deal with foreign ministers in vienna and now are holding a roundtable meeting with hours of talks to finalize this historic pact and curbs the nuclear program in exchange from relief from crippling sanctions. here is what eu foreign policy chief federica and foreign minister had to they a little earlier as they started their meeting. >> it is a decision that can open the way to a new chapter in international relations and show that diplomacy, coordination cooperation can over-decemberdecades and it's very much needed in these times. >> let me begin by expressing my appreciation to everybody, to those who started this process

sandwiches iea

new bearish report from the iea this morning.he agency says global demand for oil will slow in 2016 by 200,000 barrels a day, adding quote, the bottom of the market may still be ahead. phil flynn at cme with more. what do the headlines tell you, phil? >> tell you really slowed down. the oil rally using terms like massive oversupply and take years to get this market to rebalance. one thing i say about international energy agency they have said this type of thing before yet they had to up their actual demand estimates in the last two reports. market may take this somewhat in stride. after more than anything with major sell-off and optimism in greece, it may be near a short-term bottom but there is still a lot of questions. we have to find out what is going to happen in greece and china over the weekend. of course what may happen with these iranian talks. back to you. maria: we'll keep watching that iranian deal extended again, phil. >> it is. we keep hearing different sides of the story. they're getting close to a deal and further

not need that >> but jeff the distinguished newsman who do was embarrassed by this he was moderating iea disappears five minutes at a time today would not have a moderator jumping in every 302nd so everybody at abc let the fire burn and just a back. this event hosted by the christian science monitor, is just under an hour. [inaudible conversations] the last visit with our group was one year ago this month. fears his bachelor's degree where he was the first african american student body president and a law degree from new york university than spent a month in new orleans to play trumpet with marsalis and later served in the u.s. department of justice and on the house of the judiciary committee. he was elected in 2005 and reelected 2007 in elected the city's mayor the and this person to ever hold that job and confirmed as the 17th transportation is secretary june 201-3100 / o a rare moment of bipartisanship. we're on the record. have been told our guest is making news this morning as is always the case will thought of it chokes me up. [laughter] excuse me. it is an emotional moment. as is

so, let's get the thoughts from the iea. mark little one joins us. great to see you. a lot of debate about how much cutting the government should do in terms of it austerity. they said previously they want a set list on the budget deficit and that implies some big cuts. you do not think those cuts will go far enough. >> looking back to the last parliament, between 2010 and 2015, his aim was to balance the books entirely. he only got halfway there. so there is a danger, a tendency to move on and believe the budget deficit has been salt or is going to be solved in the next year or two. i think we facing deep cuts in public spending. to get public finances back in balance. we are expecting him to announce 12 billion pounds worth of welfare cuts. but rumor has he will spread that over 20 years, not two. i would employ the chancellor, get the pain out of the way fast. if there is a single budget that is economically sensible but politically unpopular it is that budget two month after you have one a general election. anna: in terms of the pure economics a number of economis

and the third was getting answers to those 12 questions that the iea has put on and the last of coursele agreement rather than just ten years. so we haven't achieved any of those objective. but there's a second reason why i think a number of members of congress besides the 84% that signed that letter might be concerned. and that is this new development where iran and russia demanded the ability of having a separate set of un sanctions that control the icbm, the intercottages ballistic missile program. they demand that that be lifted so that russia could share that technology with iran with the realization that those could be aimed at the united states. there's some real concern that we've heard in my hearing today in capitol hill. >> very interesting. former chairman ed, thank you, sir. >>> so will it stop african-american getting a bomb? they say it's just delaying that pass. secretary, how so? >> i don't know that it will delay it very long. that's another problem. but the idea that even the president himself has acknowledged is that when this is over, iran can go like that into a fu

demand when all is said and done for this year will come in higher than at any point opec or iea ever calculated. >> some are starting to draw comparisons to the natural gas market which had a lot of supply come on and this slow downward drift that in some ways we are witnessing today where the price is pretty low and everybody of thought it would rebound, but it never really has. we've got realtime production across the shale space that can come on line any time there is a pick-up in demand. could we be looking for this new lower level oil could sit out some time? >> oil will be rebounding from this. my initial estimate was that wti would be at about $65 a barrel by the end of this month. i'm going to have to revise that down a little bit because of the gifts that the greeks gave us over the weekend. i do think we are going to be seeing $75 to $80 at the end of this year. the dynamics are moving in the same direction regardless of supply. one thing i see out in the oil patch all the time now is that companies have learned that simply because they can take volume out of the ground doe

once the committee says iran is wrong and iea should have access. it will go to the security council. security council can do lots of different things. they cannot impose economic sanctions on iraq. -- sections on iran. it can recommend national measures, but those measures will have to be negotiated on a case-by-case by the united states government. when success of american the mats and try to -- >> during the long. of time -- during the long period of time, there were no inspections. >> we go to mr. william keating of massachusetts. >> i want to thank the witnesses for the seriousness and tone of which they have conducted themselves. as well as my colleagues. i hope this is a harbinger of the way we are discussing this issue going forward. it is one of the more serious issues we're going to have. i speak of -- i speak for most of congress, where beginning to digest this. mary in no position to take a position just yet. many of your comments are thoughtful. that being said, i want to go back to a few areas of interest. talked about how the coalitio

that leaves us and other intelligence agencies we work with two point a iea in the right direction. we have a tool of a finite time to get access to that place or they are in material breach. senator: are you concerned on the discrepancies between statements made by our administration and compare those to what is being -- statement being made by the advisor to the supreme leader when it comes to access to -- allowing the iaea to look at the military centers in a ron -- and iran, where i believe i have heard our administration say that we do have access to those they are declared facilities. yet the advisor to the supreme leader says the access of the specters from the iaea or any other body to iran's military centers is for bidden. who is correct? mr. moniz: we are correct. i might point out there were many statements may be for the anna -- senator: this was made july 21. mr. moniz: they were many statements. you can check them against the agreement. they don't square out. senator: how do you reconcile that? mr. moniz: those statements were clear. first of all, the aim is not to go

regarding its nuclear program and verification by the iea -- i aea. the jcpoa as confirmed in the resolution contains reliable filters that will guarantee disagreements that could arise will be subject to collective consideration and in the framework of the joint commission. the security council maintains the leading role in issues. during the negotiations, we knew that the plan of action would be subject to approval by security council. hence we focused attention on , ensuring the prerogatives of this body of the charter to respect the role of members to implementing the agreement. we are grateful to aiea. for its readiness to ensure monitoring and verification of obligations. we hope the agreement will help other countries in the middle east and the persian gulf to refrain from destabilizing moves, including in the nuclear sphere. and ensure the region does not enter an arms race. positive conditions are being created to create a zone in the middle east free of weapons of mass distraction and to find common approaches among the countries to regional

we got that report from the international energy agency iea saying in next year's demand is going to we are seeing this year for crude oil. that is going to be bearish. discounting what we've seen the last two days in china, the fall in chinese equity prices has been a worry for crude oil down here because so much of the demand comes from that region of the world. remember it's peak summer driving season but we are not seeing gasoline prices move higher. those expectations have fallen a little bit short. those are all reasons why many traders are bearish when looking at the price of crude oil going into the weekend and beyond that. back to you. >> great stuff. thank you so much. secretary of state john kerry yesterday saying the nuclear talks in iran will not be rushed. and talks will continue beyond the latest imposed deadline. questions still surround a potential deal amidst concerns on its impact on geo politics in the middle east, funding of terrorism and jolt to the oil market. >> and joining us to talk about it all, dr. jim walsh, research associate at securities studies progra

so if after surviving intro to engineering design and iea you have not come to grips with who you are and where you're from, let me tell you. you are engineers. and as your commencement speaker, i'm required to give you counsel that will give you the success of the rest of your livesp now that i'm limited. i have 8 zero niner seconds left. i offer you one thought -- embrace your inner engineer. embrace your inner engineer. without rpi graduates, the country, no the world, would be a different place. your academic ancestors invented the ferris wheel built penn station and explored outer space. without rpi engineers, the world would not only be a lot less user friendly, it would be a lot less fun. embrace your inner engineer. it's time to stand up and admit it. you love the logic of spock. you spend countless hours playing supersmash brothers and you laugh at "big bang theory." embrace your inner engineer. you love research, the coolness of algorithms, the smells from chemistry lab and, most likely you took apart some family prized possession when you were young to see how it worked. a

the jcpoa will grant the iea access when it needs it where it needs it including 24/7 containment andurveillance of iran's declared nuclear facilities. inspectors will have access to the entire supply chain that supports iran's peaceful nuclear program from mining and milling to conversion to enrichment to fuel manufacturing, to nuclear reactors to spent fuel. if the terms of the deal are not followed, all sanctions that have been suspended can be snapped back into place. if the united states or any other jcpoa participant believes iran is violating its commitments we can trigger a process in the security council that will reinstate the u.n. sanctions. the fourth and final lesson we can learn from the process that led us here today is that when our nations truly unite to confront global crises our impact grows exponentially. the founders of the united nations understood this concept intrinsically and enshrined it in the charter which calls on each of us quote, to unite our strengths, to maintain international peace and security, end quote. in the 21st century it is not an axiom that o

the congress of the united states has the power -- powerful as it is, to be able to dictate to the iea a change of procedures. >> that is not what we are doing. we passed a bill that would require us to see the conditions. >> we don't have the agreement. >> you're not going to request the agreement and bring it to us so that we can review it? these are the protocols works out to satisfy the iaea agreement. >> we need to know -- we need to be able to evaluate the efficacy of the agreement. >> the iaea will be providing its report on december the 16th. >> after the window that congress has to review the agreement. we are not going to be privy to that information and we are asked to pass a vote on this. let me ask you this, secretary kerry, you had eluded to the possibility -- alluded to the possibility that if iran cheats we can snap them back. iran has stated that if sanctions are reinstated in whole or in part it will use that as cause to step out of its commitments. if you have a situation where iran is doing incremental cheating and you have the sanctions reimposed, iran is saying we

but the iea has said that they are satisfied that they will be able to do this in a way that does not compromise their needs and that adequately gets the answered they need. we've been briefed on it -- >> my time is you up. but if that is true, that would be the equivalent of the fox guarding the chicken coop >> all right. you are watching a very nasty exchange and what makes this revealing secretary of state kerry is trying to sell this very controversial iranian deal as a democrat, one dealing with all the legal problems on his own. very doubtful and critical of this deal, this arrangement that some on the panel are saying all give the green light to let iran do whatever the heck they want to do. and the latest here early count of "no" votes on this that seems to show 61 short "no" votes on this deal. now, if you want to override what would be a presidential, you need 68 votes, and you need more democratic senators to join the republican counter partings that would include the likes of senator menendez. but it is very very clear here that this new revelation that there were side dea

these monthly reports this week and into next and the department of energy from opec and iea and all of these will indicate that yes demand sin creasing as a response to lower prices but production is still strong coming from saudi and iraq and iran as well. >> isn't most of what we see in the oil market and the move yesterday on fears of a rollover in the chinese economy more than anything else? >> there's been this real disconnect in the chinese market in that imports into the country have been strong through this year. gasoline demand has been relatively strong as well. but economic data has been soft. there's really been this wealth effect that is the stock market has increased there. this sort of 85% of transactions by individuals. the people have felt more wealthy so that has impacted gasoline demand but as stocks pull back there then that reverses and so while we have seen sort of suv sales up so 50% through may versus last year sales up sort of 20%, what we're going to see the likely reversal of the gasoline demand growth and that will only exacerbate the market potentially.

the iea suggesting this rebalancing is likely to last well into next year. and at 12:30 p.m.oday, janet yellen will speak in ohio about the u.s. economic outlook. investors watching closely for any hints about the fed's next move. >>> let's get a check on markets this morning. scott nations joins us now from the cme in chicago. we're seeing futures very sharp in the right direction today into the green. do you think that lasts throughout the day? >> i do because largely where we might get news from whether it's china or greece is essentially going to be close for the week once we get to midday. looks like the s&p is going to move above the 200-day average. that number might not be as important as it usually is because we've had such a quiet period. but we've been paying attention to that. 2075 is going to be the critical level. if we can get above that we'll break this high. but we have to get quite a bit above that. we will pay more attention to china than greece i think. people forget that the losses that the chinese stock market has sustained other the last 30 days are abo

even before they receive the sanctions relief that they are ready to comply with the requirements the iea ea has for information. >> in years past it makes nuclear activity in syria and libya missed activity in other countries. are you completely confident in their capabilities now >> i'm not aware of this specific instance. presumably this iaea is. you're illustrated why the president insisted on the most intrusive set of inspections ever imposed on a country's nuclear program. it means the iaea inspectors will have access to the iran nuclear program that is unprecedented in any other country's nuclear program. iaea inspectors have access to iran's uranium mills. they will have access to iran's nuclear sites and access to iran's facilities for the manufacture centrifuges. they will have the ability to monitor those sites and can run the centrifuges need to be taken out of operation so are effectively locked up. this is the access the iaea has never had and that's why we continue to be confident that this deal will prevent iran from gaining a nuclear weapon. if it shuts down every pathway

>> the iea needs to have the access required to make sure that iran is not developing the material for they need to be able to go there. they need to be able to make sure that iran is making good on its commitments. >> if he this don't give us that, we walk way? >> if they don't give us access there's no deal. >> is the administration in touch with republican leaders on the hill? there are leaders on the hill about this agreement. what is the engagement with chill leaders? >> there is incense agreement over the entire period of the negotiations. there are more briefings, more hearings, more phone calls on this issue than just about anyone i can think of. and it's very important. at the end of the day, this deal, if there is a deal has to pass scrutiny. we want it to be scrutinized by the american people by congress. but at the same time, if there is a deal and if people oppose it, they have an obligation not only to say why they oppose it but they have an obligation to say what they would do differently and how they get it done. >> sam stein jump in. >> i mean i just generally curious