today, opec ministers will hold talk with nonopec members to discuss cuts in oil production. saudi arabia, opec's biggest producer, will not attend. on wall street, it was more record highs last week. the dow gained 299 points for the week. the s&p finished 48 points higher. the nasdaq gained 160 points. >>> the number of thanksgiving weekend shoppers was up but they the national retail federation says more than 154 million customers had shopped or planned to shopped thanksgiving weekend up from 150 million last year, but they spent $300 million less than last year, $280 on average and in part because of large widespread discounting and more people shopped online instead of in stores. the spike in cyber shopping monday. macy's website was so busy, it crashed. analysts predict sales from cyber monday could hit $3.3 billion and 9% more than last year. disney's south pacific tale was the box office winner. moana earned 155 million dollars in its debut. following is movie. >>> the ferrari nso designs to fashion designer tommy hilfiger. it has a v-12 engine with 660 horsepower and

if they can get 600,000 barrels from nonopec, that's a substantial amount of oil to come off the tablend aid in the rebalancing. these are still big questions about who will do it, over what time frame and from what levels they are taking cuts from. many estimates are that from november, production even ramped to 34 million barrels a day to 35 million barrels, to get down to 32.5 million, that's a long stretch. i spoke to bijan zangeneh, the iranian oil minister, he seemed to think there was a lot of details still to be worked out. and where exactly the presanctions level was remains to be seen. it's a contentious issue where you take your benchmark. they also talked about russia, russia not just freezing, that's what russia talked about previously, but actually cutting in production. lots of details still to be worked out. the market likes it at the moment. >> steve, great stuff. we have to leave it there. great coverage. >> we'll let you chase down those opec ministers, nobody does it like you. >> excellent training on the rugby fields for that meeting. >>> moving on, bank of england

that's why we've been traveling a lot, talking to not only opec but also nonopec. what are the chance that mr. novak and mr. putin get involved? we have spoken to both those gentlemen in istanbul, do we believe there's progress from non-opec that can come forward? >> yes, yesterday we were in talks with mr. novak, and mr. putin was talking to him, and i think they'll be with us. >> freeze or cut from russia? >> the proposal is to cut. >> nice to see you, sir. >> all right. i think that's pretty much it. i'm getting hassle from some security. i guess i'm being pushed out of here. let's see if question get one more quick word before we go. the angolian oil minister. do you think we'll get a deal today? >> i think so. >> who shifted grounds today? saudi arabia or iran? >> you can ask those two ministers. >> i think you had a flavor of the chaos, the scrums, the rugby-like abilities at opec. i will hand it back to kracarol and louisa. >> you have to have broad shoulders to do that. >> i think steve played rugby in the past. >> they're really differing on how forthcomin

really interesting, i've been looking at the screen what is also in here as well is the fact that nonopec will contribute 600,000 barrels a day. i spent a lot of time in the last 24 hours speaking to the saudis during, before and after the meeting. i spoke to the saudi oil minister after if and let's hear what we had to say to me. >> we are extremely happy. we think it is a deal we have been seeking. brings stability back to the market, volatility, and it will give impetus for investment flows to come at a healthy level into the market. >> also, he was cautious during the meeting, put after meeting, he said he's really happy. how did this happen? how did all the differences that brian was talking about get put aside and they got a deal? >> at the end of the day, it is really about income and, you know, national production levels being secondary. the saudis wanted a conciliatory gesture from the countries including iran, trying to gain up to the last minute, getting iran to come off the position. but it is about income. and at the end of the day, iran's number they use in the communication

we're fairly clear about the picture for nonopec production. the missing piece of the jigsaw currently is what opec intens to do with its own low production. we have the upcoming meeting on november 30th in vienna where we will get our answer. essentially what the ia is saying is that unless opec does cut production at the vienna meeting, which it signaled it intends to do, or at the algiers meeting it intends to do, it's difficult to see how the oil market can balance in 2017. but if it were to cut production as it said it intended to do two months ago in algiers, the market could move back into deficit fairly early on in 2017. so we're waiting to see what decision opec takes. >> thank you very much. we have a packed show today. thanks for being with us at the top of the hour. neil atkinson head of the oil industry and markets division at the iea. >>> glancing at european markets this morning, we have seen markets coming back into full force as we saw indication yesterday the rallies happening across the board with people buying back into stoc

they will depend on other nonopec nations to join in on the production cuts. and if they get word that opec is cheating on production, then it will be gauge over, we'll be seeing the markets flooded with oil again. so i do think this time it's different. and that's why i think we're seeing the dramatic move that we saw in the market today. >> do you think it was overplayed? russia didn't agree to cut so much as freezing production. that could change. but are we, are the markets long oil going a little too far here? >> i don't think so. i think this is a historic day. i think when we look back on the charts, this is the day that opec cut production. and what is different this time than when they did it back in 2008, this may actually be good for america not bad for america. the last time opec cut production, it was in the midst of the financial crisis, they were trying to save their own skins, trying to raise prices up when global demand was falling. they're doing this as a time right now where global demand is starting to rebound, the market is very excited ab

next week, the 9th of december, there will be a meeting between some opec members and nonopec membersis russia which is key to cut $600,000 barrels. that is a huge 1.8 million barrels that many say will cut the surplus. what happens with compliance, if some members backtrack on this and the political divide between iran and saudi arabia, will that erupt again. big questions for the market. for now, the market and traders to the up side are thoroughly enjoying the right. i'll hand it back to you, melissa. >> thank you, steve sedgewick in sri en i can't. what should your energy play look now if it stays above or below 50 bucks a barrel? we go around the horn. tim. >> in a world where there are a lot of hedges and pxd and -- they are -- these guys have the most exposure, to not conventional. russia, if you think about today, any oil above 50 is good for russia. sanctions could be getting better. the reset with the u.s. is important. rsx is a great way to play and russia has higher dividend payouts and are getting better and better. >> karen. >> yes. we haven't talked flowserve which actu

compliance has historically only been around 60% during the past five or six production cuts, and nonopecarticipation has been pretty uneven too. we can't automatically assume that almost 2 million barrels a day of physical oilupply will exit the market. at the same time saudi arabia can be count theed on to do what they say they're going to do. that's usually the indicate for kuwait and qatar and the uae as well. it's important to remember that these countries are around two-thirds of opec's production response. while we expect that opec to cut production, today's outcome exceeded our expectation, and the bias for our revision to our oil price forecast -- for on 2018 is positive. it's a positive outcome for the oil markets, and he with also think the outlook for energy stocks in 2017 too. >> i mean, that's frankly most importantly of what i wanted to get to next is your outlook for the stocks that you have, you know, continually picked on this program and ones frankly that have done quite well. you stay with what's worked or do you look to trim from some gains in names that you are among

today, a decline as saudi arabia declines to meet with the russians as part of the nonopec meeting onty appreciable decline we saw . >> absolutely. oil prices focus as we head towards that meeting. >> thank you, sir. >> thank you. >> lovely having you with us on the countdown as we go out on a half a trading day, but it is enough for record highs again for the dow, the s&p, the nasdaq and the russell 2000. once again, santa and members of the u.s. marine corps ringing the bell today here at the new york stock exchange, commemorating the annual beginning of the toys for tots tradition in america. stay tuned now for the second hour of "the closing bell" with kelly evans and company. >> welcome to "the closing bell." i'm kelly evans. record highs across the board today on wall street, on the shortened trading session, we're closing a couple of hours early, but still one for the books. the dow up 65 points on the bell to close at 19,149 there. we'll keep an eye on it. the s&p 500, how about gain of 8 points to close at a new high of 2112. the nasdaq up a third of a percent today to 5398.