iea you are an advocate of moving toward cleaner energy policies. yet in forecasting, without exception, it's been incredibly pessimistic when comes to solar and wind. 2010, r50e difficulted 180 gigawatts of solar pie 2024. we passed that in january 2015. your slides had roughly 50% reduction in solar prices by 2040. the world will exceed that within a year. why this -- considering the advocacy of renewable energy, why the continued repeat pessimism? >> hi. jen anyny mandel. my question is regarding your comments changing the culture of iea. and moving it from being less of a rich man's club and bringing in new countries. so my question is what changes within the organization would you you expect to come with that change, with bringing in several you new countries that have a different economic and development perspective. thank you. >> and one more right here. >> good afternoon. we focus on oil and gas and energy. looking at your presentation, how do you look at africa now producing oil and do you think of africa being a member of the iea and if so

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having said that, the iea report was out this morning. you probably know. $80 target for oil prices in the next four to five years. that means we're going to be lower for longer and slowly grind higher. so expect the volatility to continue. expect this to remain range bound. a lot of raiders think we can touch that three handle before we come back up into this range that we've been settling in around $45 a barrel. as for the close today, looks like we'll be over $44. brian? >> all right. jackie, thank you very much. >> let's get a news update now with sue. >> hi, brian. here's what's happening at this hour. the syrian government releasing video of fighting near the coast. state run media reporting at least 23 people were killed. 40 injured by explosions. the blast struck two separate areas of that particular city. pope francis denouncing the exploitation of migrant workers. that area is a magnet for chinese nationals looking to work in the textile trade. the pope lamented the inhumane living conditions and unfair work environments. indone

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oil prices may not recover before 2020 according to the iea. in the latest world energy outlook the agency says current trends including the continued growth of alternative energy will keep pressure on producers and lead to a price of around $80 per barrel by 2020. speaking to cnbc earlier today the executive director said a decline in u.s. shell production would drive a recovery in oil prices. >> about $50 oil price today and one of the main consequences of that is that this year, the energy investment are declining by 20 act and will continue to decline next year as well. we have never seen in the last 25 years oil investment declining in two consecutive years and this implications for the market and we expect it to recover around 80 dollar around 2020. and we do not think that if many, many years it's a likely scenario. >> what's really leading energy at the moment? >> first of all, the us. shell oil which is the main driver of the glut now is going to decline with the prices. the second driver is iraq and we expect their production growth w

the iea is a number of of dimensions looking to do some modernization.at clearly includes, among other things, the idea of welcoming dialogues with the big economies in the big energy companies. we expect china there and india and indonesia, quite a few countries that are not two-day members. and our friends from brazil. >> regarding hydro-policy efficiency act of 2013, what has been done and what is the next status and what comes next? how will that affect the next five, ten or 20 years? >> in the united states? >> yes. >> that's a hard one to answer, to be honest. i don't see that we are going to build any big maggot dams in the united states. there is a lot of interest in small hydro. this also has a lot about, if i remember, i'll get it wrong, i think this may be incorrect, i think there think there is an order of 100 megawatts of opportunity for powering small unpowered dams. for example a lot of that is with the corps of engineers and those kinds of projects so we can research in some of the novel hydro and also hydrokinetic technologies. >> this g

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that's according to the iea.'s latest world energy outlook the agency says current trends including the continued growth alternative energy will keep pressure on producers and lead to a price of around $80 per barrel by 2020. but speaking to cnbc earlier today the executive director of the iea said a decline in u.s. shell production would drive a recovery in oil prices. >> we expect the prices will gradually recover around $80 around 2020 and we do not think that $50 is a likely scenario. >> still to come here on worldwide exchange, beating cheating. stay tuned to find out how the world athletic's authority plans to crack down on doping ahead of the 2016 olympics. [sfx: bell] [burke] it's easy to buy insurance and forget about it. but the more you learn about your coverage, the more gaps you may find. [burke] like how you thought you were covered for this... [man] it's a profound statement. [burke] but you're not even covered for this... [man] it's a profound statement. [burke] or how you may be covered for this.

lanvticiÓn sigue iea, pero ya sabe como eranl paÍs, segÚ e fcal francÉs majan dde bÉlgica paÍs en 4 autosdeornizÓ los atendos. este cocido del hbric que le sorprde que este implicado en el caso >> mientras tanto e celular de oe losteoristasue contra aerel cÉ bacl ddeueron asesadas casi 90 rsas >> una pista qeÚnl fisl francÉs contienelas imrtantepara enconar Ás terroriss. desos ataques del vrnes han lleva a cabo Ás de 40 redan fnc y al mos 60 peon han so restadas. >> pero con un sospechosaÚ pÓfu,raia de que las redadas solo son u pteel opato ant terrista. ieo el dor de las persas aquÍ como lo senti cuando eabenew york cudo pasÓ lo qas. >> pero fncia ya no s puede nfr pido a la uÓ europea un mor contr dla ontera yransacciÓn de fond. >> en esteomtoranciaig bajo estado de emergencia y taiÉ este la ana de mÁs ataqs de ch han surdoÁs videos deropande isis d estado islÁcono destos videos que por cierto n se ha podido confirmara fha muestra a mpizantee is reondiendo a egunta e foaÓn brlo atentados deviernes, aparte en eos de prome Ás violencia contra defrana. kathiaÓpez muchagracia mientras emuo

demand the iea saying it's going to tick down.ew of other reports this week that did not add any helpful information or supportive information here. so that three handle looks like it's just around the corner. this has very real implications not just for the broader commodity space but also for the equity market. back to you. >> jackie, thank you very much. >>> so what is ahead for oil? let's find out. kyle cooper director of research with iaf advisers. kyle, it may not be today, but do you believe we will have in the next couple trading days a close under $40 a barrel? >> it certainly looks like that. the technicals after an early november spike have really plummeted and as jackie just mentioned, iea came out today saying their inventories they look at were close to 3 billion barrels and here in the u.s. when we include the sbr they jump back over 2 billion barrels this week. there's just -- there's a lot of supply out there. >> if we close below $40, today, monday, tuesday, next week, whatever, what's the next stop? >> then obvi

demand-- the iea chief says decisions made at the conference next month will impact prices. general motors could be facing more big legal bills over faulty ignition switch is in some of its cars. the federal bankruptcy judge has ruled that people suing gm could see punitive damages of millions of dollars. the defective switches are responsible for at least 169 deaths, and hundreds of injuries. general electric is going to build 1000 new trains for india's railways. of 180udes an investment million in new warehouses and manufacturing plants. it is part of the indian government's plan to overhaul its railway network, which carries over 30 million passengers a day. the low cost indian airline indigo jumped on its first day of trading on the stock exchange, india's biggest stock market debut in three years, worth about 120 billion euros. airbus has developed that sold three planes to the vietnamese carrier. 29.airline ordered ietjet operates across asia. genie: retailers in the states are making calls about whether to open on thanksgiving. say it is not so. [laughter] stephen: t

the iea forecasting global energy demand to grow by one-third by 2040 and this takes into account the more energy efficient technologies. but that's not enough to get the prices rallying. the report looks at several scenarios where prices stay lower for longer. but exxon mobil and bp may must be able to hold out and weather the storm of a low cost environment. t scales back pumping. the bottom line -- $80 oil in four to five years well some alysts were calling that price at the end of this year. the main theme here is lower for longer and that seems to be here to stay. for "nightly business report" i'm jackie deangelos. >> those falling commodity prices are hurting the railroads in particular declining demand for coal has resulted in less volume being shipped. as we reported last night that's on reaso why a major rail company is reportedly looking to for consolidation in the industry. >> railroad industry may be ripe for another round of consolidation. at l union pacific has reportedly set the sights on a new takeover target. norfolk southern. according to reports the two freight rail

iea says their inventories were close to 3 billion barrels and here in the u.s. when they include the sbr they jumped back over 2 billion barrels this week. there's a lot of supply out there. >> while lower crude prices take a toll on the equity markets because the big producers are weighted heavily on the averages, it's actually very good for consumers. the national average for a gallon of regular gas, $2.19, down 25% from this time last year. according to aaa. $2 is still in sight by the end of the year. low crude prices also take heating oil prices down. 40% since this time last year. but traders caution there is some support in the market. in the high 30s. and there are always unforeseen events that could turn this trend around. >> you're looking at the 37.75 low at the end of august. on that one meltdown day when just everything was coming unglued. that's certainly your next technical stop and the next point that i think a lot of people will be looking at from a chart perspective. >> reporter: so absent any catalyst, crude oil prices will have a rough time r

oil relatively steady despite the iea saying it mayec

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. --- en berkeley se celebrar ro aniversio ms, en monumento dedicado a lauea de iea..hot ---hoy es rces de telemudo 48 en tu escuela... ---un segmeo que nos llena de muc oul porque somos pioneros esta iniciativa... lorena-on ca---iniciativa que nos lleva a visitar las escuelas del rea de la baha para conocer cmo sfoan los futuros lderes de nst comuda..--en esta ocasin, lenvo a conoce"rocketship spark academy" en laiudad de san jos.. take pkg 0:01 localada en el cora de sicon valley, el centrd emprdimiento, innovacin y tecnologa, la acamia "rocketship spark" ce estar redisendel modelo de una escuelprimaria tradicional para elinar la becha educativa. conscient q pa grar esta metessencial el involucramiento dlaamilia. los padres de los "rocketee" n creado el programa "s dios", u iniciativa que contempljoads de lectura en ingls y en espaÑol eelula de clases con los estudiantes en a regin con una poblacin inmigrte tan diversa, esta euela charter cuenta con un proama para apoyar el desarroo l idioma ingls en los niÑos que stan dando los priropasos eelenguaje. la academi"rkeh

we've seen the iea revise projections for demand higher in consecutive months and by a whopping 50%.he demand side is doing its part. then on supplies there's now this commentary this year about not only being resilient, but based on the work that we do, it was growing by around 2.5 million barrel az day. it's grown by close to zero this day. supply and demand are on divergent passes, and we think it will recover starting next year. >> you mentioned consolidation. in fact, in your note you say you're looking for a new competitive hierarchy. >> in addition, the once the assets are gone, they're gone for good. you can't be left out the high cost producer. your share price performance will suffer for decades to come. we do think that the consolidation is inevitable. >> you missed it. i didn't get the compaination correct. what matters more is the -- if the thing does unfold, we think it's employing to put in place the bottom of the oil market and also the obama in the oil stock. just remember, the consolidation in my space, we had six or seven mergers. >> thanks for coming on today. i a

our first pillar, opening the doors of the iea to emerging countries and leaving the image of the rich man's energy club being truly an international organization and opening our doors to emerging countries. the second pillar is putting more emphasis on the organization of the oil organization. we want to put more emphasis on security working on that. and third, while we continue our position in the traditional fields and technologies, we would like to be putting more and more emphasis on the new technologies and aim to be the, if i may say so, bank of energy efficiency. so these are our three pillars and i wanted to take this opportunity to tell you and close the presentation here and finish our presentation, that the low oil prices, ten more years. we don't think it is likely. and on the other hand, not necessarily very good num of news for the consumers if you look at the big picture ranging from energy secretary to the sustainability issues. india growing very strongly.the energy secretary to the sustainability issues. india growing very strongly.big secretary to the sustainability

the iea rounded out the outlook with the warning that saudi arabia would not be likely to reverse theicy of the market share at the defense of prices at any point soon. oil prices moving higher today. brent up by just over .5%. wti crude up around .5% or so. 44 or $45 per barrel. >> quite a rebound from the big drops that we saw in yesterday's trading session. these are your headlines. friday 13th may be spooking investors but european stocks pairing some losses after a global sell off. the fed sounds a hawkish tone as stanley fisher says it may be appropriate to raise rates in december and sis coe beating forecasts but issues disappointing guidance sending shares lower after hours. [ male announcer ] whether it takes 200,000 parts, ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the world's most advanced satellite, the space station, or the next leap in unmanned systems. at boeing, one thing never changes. our passion to make it real. ♪ >>> welcome back you're watching worldwide exchange. each

over the past week we're off by close to 5% just so a lot of people looking very closely at the iea report. very close at some of the inventory data as well and of course also what the knock on impact is if we head toward a fed rate hiking cycle how that's going to impact the dollar which in-turn impacts brent as well and crude of course. when looking at the currency markets out there you have a lot of activity scene in the aussie dollar starting over here. higher by 1% or so. i don't know if you saw it but we had some very strong october jobs data. 58,600 new jobs in october. the forecast was for close to 15,000 which couldn't lead to the question that we might not see a cut from the reserve bank of australia. the euro dollar hanging on to that 107 level. we had mario draghi speaking earlier and indicating that he is leaving the door open for more action to happen in decembe december. but let's head out to sri in asia. >> yeah, those jobs numbers knocked it out of the part, didn't they? so men at work springs to mind if you remember the 80s as i did. i'm showing my age. anyway, let's take

scarlet: that leads me to my deep dive, i was interested in that report from the iea. wti, that is the white line. and you can see oil for the yellow line. alix: to me, if we are looking oil notlion barrels of being used, that would be a negative, but u.s. got hit a lot harder than brent, which makes no sense to me. this is a particularly weird divergence where you see the u.s. get hit a lot harder and i don't have an answer for that. joe: and both got clobbered all week. alix: but overall, if you see inventory across the globe, that would hurt brent, they should be down 3%, not just wti. we should point out that the long is with the bti, but also with brent. it is not necessarily a long shakeout, because it was half it both of the same -- it would have hit both the same. joe: and we are looking at retail sales, a disappointment. we are waiting for the spending surge that is not happening. here is a fascinating chart that are chief economist pointed out, this is the divergence between non-store retail sales, online places, and department stores. absolutely clobbered. t

they said 10,000 people, syrians, we don't want them because we don't know who they are and i love the iea of building a safe zone someplace in syriaut they said 10,000 and yet the democratic debate they said 65,000 to the best of my recollection. hillary said it and so did bernie sanders. you're saying bernie sananrs is honest, i douou that very much. but bernie sanders said it and hillary said it. i think they were talking in the democrat debate. i think they were talking about 65,000. i have it upon a certain amount of knowledge. i'm very friendly with people on both sides that obama's plan is 200,000 to 250,000. so he said 10,000, the debate said 65,000 already before we even start and i think what he really has in mind is 200,000 people and maybe even more than that coming into our country and we can't have it. we don't know who these people are,hey're undocumented totally. and by the way, even if it's 10,000, we can't have it. we can't have people coming in that we know nothing about. there is no paperwork. and for good reason. but there's noaperwork and this is going to be or has th

the iea is a number of of dimensions looking to do some modernization.hat clearly includes, among other things, the idea of welcoming dialogues with the big economies in the big energy companies. we expect china there and india and indonesia, quite a few countries that are not two-day members. and our friends from brazil. >> regarding hydro-policy efficiency act of 2013, what has been done and what is the next status and what comes next? how will that affect the next five, ten or 20 years? >> in the united states? >> yes. >> that's a hard one to answer, to be honest. i don't see that we are going to build any big maggot dams in the united states. there is a lot of interest in small hydro. this also has a lot about, if i remember, i'll get it wrong, i think this may be incorrect, i think there think there is an order of 100 megawatts of opportunity for powering small unpowered dams. for example a lot of that is with the corps of engineers and those kinds of projects so we can research in some of the novel hydro and also hydrokinetic technologies. >> this

mark: breaking news from iea. it's on oil. this is the international energy agency. it says oil stockpiles have 3ollen, have risen to billion barrels because of strong production and opec and elsewhere, deepening the rout in prices. prices have fallen by 40% to the low 40's because of this, this movement by opec to sustain production and keep market share, the behest of the falling oil price. this massive cushion has inflated record supplies from saudi arabia as world fuel demand rose at the fastest pace in five years. that is not a good story for the oil price. manus: thank you very much. let's get back to the gdp numbers. in under an hour, we will get the whole of the eurozone, but france and germany have reported gdp numbers of 0.3%. hans, mediocre. my last guest said, you are getting giddy over 0.3% is pathetic for us all. not you, but we are all getting excited about 0.3%. italy disappoints. hans: denmark also disappointed. they came in at 0.1%. what we have is a story that we have been telling for two years, middling growth. take a look what is happening in ger

the iea says over the next five years they expect to see 400 gigawatts of new solar panel installationsgigawatt consumes about 2.8 million ounces of silver. you do that math on a billion-ounce market annual, there are some really interesting trends shaking up. on the supply side you have finally, after about 12 or 13 years, silver supplies starting to decline, which is a little bit of a lag from when you think about the peak in 2011 in terms of the crisis, but i think a few of these industrial tailwinds on the demand side, declining supply, longer-term, silver is starting to set itself up for a move long-term. scarlet: what do silver tell you about the state of the global economy, especially as you see the divergence between manufacturing, which has been slowing down, and services, which has been rising. on the electronics demand side, we see some weakness and we all have silver around us. there is a little bit of silver in a lot of different things. globally, when you see electronics, computer pc, mobile demand declining a bit, that is going to clip a big segment of the industrial dema

coming up, the iea said oil will rise t $15 a barrel. right to the opec meeting in vienna. here with us to look ahead at .hat u.s. data, richard jones thank you very much indeed for joining us. opec,funny timing for given we've got the world's biggest get a ring change at the same time. what are we expecting on oil? >> not very much. the consensus from analysts we survey is for no change in the quota. we may see a technical change for the return of indonesia to the group. that does not necessarily mean you can count more barrels coming to the market. opec is pumping close to capacity. there may be a little bit more in saudi arabia. in terms of their strategy, they are holding the course. they are looking at what is happening in the arctic, deep offshore, in canada, and saying, so far, it seems to be working. it is very hard to argue. caroline: oil markets being buffeted by political risk as well. talking of political risk, or monetary policy risk, we've got a lot coming next week. ecb, rabbits, hats come to mind. are we going to see mari

in terms of what is going on today, oil is seeing something of a tumble on the iea data that you heards and just generally on the recent stockpile data we have gotten from the u.s. as well yesterday. oil is down nearly 3%. if you look at the weekly numbers, down eight and a half percent. this is the worst week for oil that we have seen since march. to get back to the idea of stockpiles and inventories, this is one of my favorite charts that i bring up periodically. this is the stockpiles in the u.s. going back five years. we are 100 million barrels below -- above the average of the fact -- past five years. even when oil inventories have been down, the gap has only narrowed to 90 million barrels. alix: what is so fascinating to me is that part, the fundamental part they not be leading oil as much as other factors. there was this report out from stock jan a few weeks ago. the proprietary model that breaks down things like macro, the vix versus equities, the dollar, and liquidity. they are contributing quite a bit to the dollar's move. about 37% of oil's move is due to macro. to -- -- 57%

oil relatively steady despite the iea saying it may recover only to 80 by the end of the decade.hares of the gap falling hard in premarket adding to the company's double digit stock slump. >> shares of valeant and malinckrodt are lower. still down in the premarket. we'll have the latest on that scrutiny of and by citron. >> and in a few minutes, mary jo white will join us from d.c. what's at the top of the regulators to do list? >> stocks are set to open lower after rate hike concerns helped to extend the s&p's losing streak to four and sent the dow back into negative territory for the year. transports remain 12% below an all time high. utilities down 15. a lot of signs that maybe we lost the momentum we built in october. >> i think we did. norfolk southern up big yesterday on chatter of the possible bid, didn't seem to matter, the transports. >> no. that bid itself may be highly unlikely given the regulatory impedime impediments. >> people go, of course, they'll let that go. we need railroad in this country. >> both class ones under the surface transportation board, unlikely. we

. >> iea saying -- >> and if you are a longer term investor i like to see that.il went down to 38, 35 again and the oil stocks went down i would be back in like i was over the summer. >> go ahead, da i have had. >> let me make the point on this. two to three year time horizon, i don't have two or three years to sit back and hope that a sector recovers. it's going to take a very long time, very long time for some of these equities to actually move to much higher levels. i mean, supply is drastic and it's going to stay drastic for a long period of time. so the companies that are really, really levered up and have good assets in the u.s., i understand at some point in time maybe you can make money in the debt side there when these guys are ready to go belly up. at the end of the day i would not put money right now into some of these names in energy. i think it's going to be a long time before it works out. >> it's interesting, mike. this is what the market does, it takes people who are more long-term like evan and short term like david this is where you get price di

what distinguishes your -- >> so we actually own the iea money.sa, their ia is looking at what i'll call the broad strategic. they get down to the technical tools. cybercomm is what you take from that industry and offer. >> so you don't have operational. >> i don't have direct operational control. we certainly play in operations typically around the defense like measuring the scorecard issues, but yeah, we are basically policy in balance. >> anybody who hasn't or we can do a second round? this is a quiet moment, this doesn't happen very often, so let me ask you about contracting challenges. the deputy secretary of defense for cyber policy was at an event at the center for strategic international studies and talking about the challenges that you face, that the defense department faces in acquisition that you need to be careful that you're not buying things that build in a security threat. he was talking about poor hygiene effects, poor security built into products, poor security on networks that you are absolutely looking at regulations that can he

there's three options here that would cause a heat signature like at le, w iea the fuel tanks and causegnature, and the second option it's possible that a fuel tank exploded because there's miss wiring, that's what happened with the twa fight over long island. the third possibility is the aircraft disintegrated in flight and then the fuel tanks as they that in terms causes a massive fireball. any likely at this point, we don't know until the engineering investigate is complete. stuart: if, and i stress the word if, if it were terrorism, that looks back for vladimir putin because it looks like he's -- pay back for what he's doing in syria i guess. i mean that's the all important question, isn't it? was it terrorism, yes or no? that's the question, isn't it? >> well, for the sake of argument, it was terrorism, we don't know that yet. i think this is good for vladimir putin fap. you've got to differentiate what is good for vladimir putin and good for the russian people. keep in mind the russian people have been fighting a war against the islamic terrestrials for the last 20 years and fight

. >> the iea just came out and is now saying that they don't expect oil to get back to $80 barrel untilear 2020. it's surprising. does that fit for your forecast for where oil prices are headed? >> yeah. so it's complicated making this call, clearly. we're planning for a lower scenario. we have cut our capital. we're moderating our growth. we cut our dividend as well to prepare for $50 oil. i would say there are some pretty powerful forces out there that seem to be setting the seeds for a bit of recovery, demand growth is strong and industries cut hundreds and billions of dollars of capital out of projects and that is going to impact supply. can we stay in that scenario for a long time? maybe but there's pretty powerful forces that can push it up. >> the cuts you already made assume a $50 oil market for how long? >> next year. >> next year. >> what happens if we say in the 43 to 45 to $46 range for the next year. >> yeah so we're going to remain i'd say nimble in connection with that. we ruled out a capital program next year that's 30% lower than this year which is 30% lower than last y

if it goes under 40 but they don't need to worry about inflation again and this morning i heard the ieaaid the supply was really high and then they said the situation could worsen. see i think -- >> it's the oil producer. not necessarily the consumers. >> we like oil. >> it's not translating into sales where you would expect it. some of the retailers. >> but it is translating into auto sales though. >> sure. >> so i do think when you talked about the retailers earlier, the consumer is spending it's just finding exactly where they're spending. we can see the autos and you're right to point out amazon online move is definitely there. there's no doubt. >> that market cap, right? >> that has been a zero sum game taking it from traditional retailers and giving it to amazon. >> and part of what happened is there was a big shift not just in wealth but also in income from younger people to older people. so we have a piece we're working on now. there's been roughly an $800 billion increase in real incomes for people over the age of 55. >> and those are not the people shopping at the stores. >> t

. >> you are off to the iea come international energy company than adequate accrue.t leaves china outcome leaves some other energy players out. is that a problem you're going to hang out with the folks that are not the problem? how does china built in in this weekend coming up? >> we are going to hang out with the chinese as well because they will be present. so the iaea membership by its construction in the 1970s in response to the oil shock is oecd countries. however, the world looks different today than it did in the 1970s. and so the iaea is in a number of dimensions looking to do some modernization. and that clearly includes among other things the idea of welcoming dialogues with the big economies, the big energy consumers. so frankly we expect china, we expect india, indonesia, quite a few countries that are not today members. >> let's get our friend from brazil right here in the fourth row. >> regarding hydropower efficiency act of 2013, what has been done, what is the next status, and what comes next? how many megawatts due respect for the next five, 10 or 20