getting opec to agree or bringing non-opec to an opec agreement?uest: i think they're both is called, to be honest. how much everybody is producing can be solved, and iran has accepted the principle they will use third-party reporting. the real issue is allocating how much everybody is going to produce, it is far more difficult. in the past, we've seen particularly in saudi arabia, they've taken the burden of any cuts. once you've agreed what everyone will produce, you have to see to their compliance. we've seen that it drops off as people get a little more greedy and think they can start pushing their quota. that is difficult enough. i think getting russia is even harder, because russia does not have a history of coordinating with opec. a couple of the russian companies have said they would follow through, they are under their own financial pressure so we will have to see if it is more than talk. tracy: you know the issue of quotas there, this is something that cropped up in the past week in istanbul. we've seen some opec members provide first-per

the resilience of non-opec supply has been a headache for opec.they had to try to carve something out. is a little early to start celebrating an agreement, but we have to wait and see if and how this kind of agreement really materializes in the market. >> when you get countries such as russia and iran, with very different interests, is it going to be almost impossible to keep this together? tord: we have to acknowledge the differences has been larger than it has been. still, they have made great progress. this could end up in an agreement that will materialize around christmas and the first quarter of next year. getting more breaking news, this time out of samsung, saying it is ending the production of the galaxy note 7. andaid it was recalling it now is ending production of the galaxy note 7. samsung dropping significantly, down 8%, after telling earlier partners to halt sales. of ones a combination debacle after another. when they say ending production, they are scrapping note 7, which means they will restart, maybe, with another version, hopefu

toe opec comes to a consent non-opec supply has been a headache for the group.e spoke with the independent oil consultants. >> it is a bit about pr success. no chance of an agreement going into the meeting. they will be talking again in november, but at least now they have said they will be something suspending -- assist bisping -- specific in november. but the devil is in the detail. it is very vague. they're talking about a range which could be a modest cut of about a quarter of a million o two slightly more significant 700,000 barrels per day. they're talking about a cut after record high production, particularly by middle east producers. it is possibly tokenism. and then the issue is, how will they apply this? they've already said it will not be applied uniformly across all members. hit?o is going to take the how have they accommodated iran? they were seeking agreement to increase production by about etc. thousand barrels per day. how have they been accommodated? who is going to take those cuts and for how long? >> as you said, it is close to a record high.

yousef: rishaad: how have the dynamics within opec changed -- yousef: how have the dynamics within opec changed? >> the dynamics have changed in a big way with the saudi seeming acceptance that iran has, the position has the right to go ahead and increase production because they had been reduced under sanctions, so that was a big move when the saudi energy minister said that there was some basis for iran increasing. that was a big step because that was the issue in april and -- in doha, which settled that deal. in terms of going forward to make sure people respect those quotas, cheating is a big issue. produce asnted to much as they could. this deal, we do not see any kind of enforcement mechanism in place yet. how they would monitor, that is going to be an issue, a hurdle to set up to make sure that this deal works. >> what is the timeline for opec to firm up its decision? anthony: we have got a couple deadlines coming up. the one coming up the soonest is in october, a working group agreement between russia and saudi arabia. we remember that russia had been in talks with the group to j

he has opec members and non-opec members and the united states.uch can they affect the oil price? >> this is a key question. you have drilled but uncompleted wells. the question remains how elastic is shale? how quickly can it respond to a higher price? our view is it is not a light switch. you have to understand it's part of a bigger picture. longer-term shale is going to need to grow but it may not be enough to meet incremental demand of one million barrels a day. being here, you for barclays head of energy and commodities research. alix: we talked all the time. intoe nearly 25 minutes the session. let's get a quick check on the markets. seeing weakness across the board when it comes to equities in europe. the dow relatively flat. the nasdaq the best of the bunch. in the fx market it continues to be a grind harder for the dollar. weakness continuing in sterling. meeting andthe boe the potential of mark carney. will he or won't he stay on through 2018? oil continuing to roll over, off by almost 2%. david: the only thing left to say is happy hallo

opeced to see what exactly and how exactly opec wants to play this.ey want to reach a deal, if they want to trust putin or if they will stick to their strategy. as of now i'm not sure they have made a decision. we have a whole month to see what will be the result of all of these talks, as you say. in the meantime, the market will have $50 per barrel. on, the news definitely will influence the market and we will see more volatility. >> we are to get more on opec now with our middle east energy markets reporter. producers are saying they would be ready to cut output if opec set targets to do so. is this a missed opportunity? this is bloomberg. -- reporter: it is easy to say it is a missed opportunity. opec amongst itself could not agree on final numbers. it is easy for the other producers to say we would cut is opec would agree because they don't have to make any decisions right now. as fabio said, we will see at the end of the month where people will come down and where they are finally ready to cut. the big surprise for opec is russia and getting them

perhaps opec and non-opec becoming a little bit more clever in how they job on the oil market?ink the mood seems to be shifting. what happened overnight was reaffirmation of an understanding that they reached in algiers to cut production. of course, there has been a whole lot of skepticism, and rightly so, among market, especially after the debacle of the freeze efforts that we saw earlier in april. opec could actually get its act together this time. there does seem to be a lot more real determination, and i would say they seem to be more serious this time. there is definitely a u-turn and saudi policy compared with november of 2014 when they took that rather and this decision to let market forces do the rebalancing. what next? i think the market is waiting to see action from the group now. yousef: so who is going to bear the brunt of these cuts? is it just saudi arabia? who else could be on the list here? the is exactly where stumbling block is. who is going to cut back? i think therein, to my mind, lies the weakest possible hurdle -- biggest possible hurdle to open going to s

the russians are ready to talk about opec and not opec getting together. crude is near a 15 month high. what we do best which is take the data and look at what happens. what happens to volatility in when you go to an opec meeting. here are the opec meetings in 2014, 2015, 2016. volatility typically almost double after the meetings. all of the goodwill in the marketplace tends to change and become more volatile. .72.47 this is 30 day volatility on the white line. the question is, how much would the russians we prepared to do? we know they would prefer a freeze versus a cut. anna: the saudi's are optimistic for the oil markets. let us put up the risk radar. the oil price has been making way felt across the asian market. topix is near a four-month high because of the weak yen. there is a lot going on in the asian session, a complex picture. -- the energy stocks are getting a boost. manus: looking at the government bond markets coming back into play in the u.s. market. werk.and but bonds have lost. the u.s. treasury bonds are the worst performers. anna: centra

it is also a big issue in terms of opec going forward. iraqries like iran and which have been out of the quota system for a while, iraq much longer because of a war, iran more recently because of the sanctions, these countries say, we should be producing more than we are now. they are going to want a longer-term quota. the discussions are going to feed into that. yousef: how have the dynamics changed that could help the process of trying to make sure that everybody sticks to their quotas? dynamics have changed in a big way, with the saudi steaming acceptance that iran has the position, has the right to increase production, because they had been reduced under sanctions. that was a big move when the saudi energy minister said that there was some basis for iran increasing. that was the issue in april in doha which scuttled that deal. in terms of going forward and making sure people respect those quotas, cheating is always a big issue. when they did have quotas, that was a main issue. this deal, we don't see any enforcement mechanism in place

everybody needs to get on board opec and non-opec -- a freeze is not going to do the business. talk about with regards to oil. october hasloff in a silver lining for the u.s. economy according to bob dole. he says the bright side is that the 1.2% loss we saw in treasuries -- they say the bright side is the improvement in the u.s. economy. here we have the generic yield at 1.84%, and we talked about how the recovery in german yields could give a few more options heading toward policy decisions in december are much is expected. let's get the bloomberg first word news. the senate democratic leader says fbi director james comey may have broken the law by disclosing a revived investigation into hillary clinton's e-mails. harry reid escalated three days of attacks from allies. the latest polls have tightened in a tracking poll showing 7% of voters makes them less likely to support her. on the subject of oil, it is continuing to fall after opec failed to get a deal with other major oil producers to restrict supply. non-opec countries and did two days of talks on saturday saying intern

and russia, key non-opec, one of thek key non-opec producers. >> i was reading a piece about the problem being that opec is not very well organized. that they get together, they all agree to cut output, then spend time trying to ensure the different members that they don't increase output or produce more than each individual level country has promised to stand by. >> i think you're right. the next month is incredibly important. that rhetoric is important, sounds constructive and better organized. it shows you how jumpy and volatile markets are at the moment in that balance between undersupply and oversupply that they reacted so warmly. having said that, history teaches us that opec, if one is honest, does not have good, proven demonstrable form in seeing through such plans. as you rightly say, the challenge is coordination within members. a fundamental problem is that opec is good on carrots, but when the discussions are difficult it's hard to see them through to where they pledged to reach. >> a number of years ago, in the '70s, they used to be responsible for 50% of output, opec. now t

opec?think both are complementary. the accord that will be submitted by this high-level committee that was set up, and this high-level committee will interact with non-opec. complementary are and i look forward to that. yousef: would a lack of participation from non-opec mean the failure of the agreement? that are very optimistic our non-opec colleagues, intners that we have been consistent discussions with, we have various views, not only between opec and non-opec, likely have had within other forums before the opec conference. you have a convergence of views between producers and consumers. mentionedsterday, you that both the producers and consumers have a lot at stake here. the price is not a viable price. what is a healthy range for the industry, to make sure the industry is covered? >> we have a long-term view of this industry and the market. we would like to see oil to continue to be the choice for a very long time to come. i used the opportunity of my participation yesterday to call

is notck record for opec good when it comes to production cuts.we have seen these a haveements in the past failed to deliver the kinds of cuts they promised. the odds are against this. atie: if you take a look saudi equities right now, at a seven-year low, it is reflective of the markets not believing it or that saudi arabia has to take the brunt of the cuts. will be the biggest member of opec to cut and will make the bulk of the cuts. this helps put a floor in prices but it does not do anything to lift long-term expectations of price. it is down to how competitive shale will be and where demand is going. we're getting some breaking news. to keep power grids division. it is think it will buy back $3 billion in shares also raising its margin target quarte -- corridor to 15%. we will keep you posted. to get back to the oil conversation, what is the role of non-opec supply point to be in this equation? that has been resilient. sovietis pumping at post record highs. u.s. crude production is still showing strength. is that going to derail opec's plans

non-opec meeting.lier, it was said that opec is not targeting a specific price. they are trying to reduce the overall supply in the market, inventory specifically. you said that $40 a barrel is enough for the industry. what price is a healthier range? you people sometimes take part of what i say. what i said is, if it goes to $50, comes back to $40, then goes back to $50 and comes back to $40, this will not encourage investors to put more money in what we need for the exploration and development of new projects, and that means that market stability is very important, more important than the price. need to encourage investors to put more money into this business. they will not be encouraged if the price jumps from $50 to $40 to lower. this is what we are trying to do as opec, and i think it takes more than opec to stabilize the market. opec is a responsible organization. the uae is a responsible member of opec. but there are bigger players who need to do their jobs as well. how much would you be willing

the list of opec members seeking exemptions gross. we will go live to abu dhabi to get the latest on that story. all that coming up. this is bloomberg. ♪ caroline: welcome back to the european open. just less than 20 minutes until european equities get going. here's shery ahn. shery: thank you. sony has cut its full-year profit forecast by 10%. the company says operating income will be two point $6 billion in the year ending march. sony cited losses in its component business. motor has raised its forecast for full-year profit. it says net income will probably rise to 3.96 billion dollars in the fiscal year ending in march as demand for its sport-utility vehicles surged in china. dbs has agreed to buy anz's retail and wealth business in five asian countries. dbs will pay almost 80 million u.s. dollars above book value of the businesses which operate in singapore, hong kong, china, taiwan, and indonesia. a deal to combine ge's oil and gas operations with baker hughes will reportedly be announced today. the wall street journal says ge wi

companies or opec non-opec wanted -- non-opec companies?r has made membersly among opec they all sign up to be presented moscow's really very much, and russia considers training. they were at the forefront of pushing agreement for saudi's and iranians. history ofhey have , conditional among non-opec countries coming on board. they did that on -- in 2002 with some success. that may be the model they look at this time. will it be implemented, not, yes ornd if no? >> one can look at the history of opec they have a patchy record of meeting their own output commitments. mark: the head of research that in 2008 russia pledged 100,000. >> what they pledged to do is exports, which they did. it -- they tended to agree -- mark: if this is implemented? i cannot speculate. thanks a lot. bloomberg's vonnie: first word vonnie: oil strategist. your turn. -- coming up across the globe this year, why are there different arguments on why to respondent prevent devastation? we will explore a two-day passes quick take. this is bloomberg. -- in today's quick take

. >> we will be talking to them and producers from opec and non-opec will reach a consensus. i am not expecting any time soon. the next couple of days, getting to that consent. japannew signs of life in . the trade balance came in above estimates despite the weakening yen. the pound resumed its decline on growing worries that the u.k. is heading for a hard brexit. the prime minister says she will trigger the uk's withdraw from the eu by next march. denmark to ease concerns. paul ryan is the latest senior republican to drop donald trump saying he will not defend or campaign for him after his .ulgar comments about women a new full shows hillary clinton in joining a 14 point lead going head-to-head. trump tweeted that paul ryan should stick to balancing the budget. global news 24 hours a day powered by over 2600 journalists and analysts in more than 120 countries. i am people alan. this is -- i am paul allen. this is bloomberg. rishaad: directing falcon private bank to cease operations. beenis a bank which has backed by the abu dhabi sovereign wealth funds. let's get over to sin

look at what opec is trying to do, a few questions.ec is going to cut in the november meeting, especially if other producers are out of the picture? i think they want to have their cake and eat it. they want high oil prices and high production. cartel hast the opec endured low prices for too long. they have been ongoing for the last two years or so. we have seen saudi arabia cutting expenditure, so the best e from stress, we should be looking at saudi arabia. if they are showing signs of stress in the country itself, it is high time for the market to t atider a production cu the november meeting. haidi: it is high time for them to come to some sort of agreement, but is surveys case that we will reach the point where they have a deal by the end of november? are quite things cloudy right now. initially when we were looking at the exclusion cuts from iran, nigeria, and lydia, they make up 25 -- lydia, they make up 25% of opec production. the point is that the cuts that may happen should supersede the amount of increases that may happen in

this is setting aside any possible opec action.nd you start to see a recovery in the crisis based on the supply and demand dynamics. angie: i have to ask you about the forecast for $60 a barrel by the end of this year. saudi arabia made those comments. we also have the bp chief executive officer bob dudley seemingly agreeing. the future markets are not expecting $60 until 2020. why the divergence here of opinions? ann-louise: yeah, no. i think one of the sources of the diversions is the futures market. the farther out it goes, the more likely traded. it also reflects the current sentiment. the saudi's and bob dudley are trying to look at the fundamentals and the rebalancing of the market, which is starting to get underway this quarter. we are seeing an implied stock drop. there will be more demand and there is supply and you will see inventories come off a bit. that will support prices. barrels will have to be brought into the market out of inventories. that will support prices. i think they are tending to focus more on the fundame

it makes a lot more work for opec before november. it is typical posturing from opec members. to encourage price gains, but not always participate in that cut. prices, there is time to go before we get to that november meeting. investors are comfortable that opec may work out a deal. yvonne: they are comfortable, but in order for these cuts to matter, we need to see u.s. oil inventories decreased quite a bit. absolutely. that is the biggest risk for opec. by cutting, you allow others to produce. you give them an opportunity there. we are seeing stockpiles come down. it is trending and the right direction at the moment. willhinking is that prices ,luctuate between $50 and $60 so they may move in that range for the near future. yvonne: thank you. still ahead, a record year for chinese m&a. we crunch the numbers on china's worldwide shopping spree. ramy: why the fed does not need to hike in september. this is bloomberg. ♪ watching "daybreak asia". seeking approval to liquidate operations in europe. a judge has yet to agree to the sale. hanjin has branches in nine operations europ

perhaps opec has some ideas amongst themselves, but we don't have any information. good money is on six-month to a year that they would be in place. really is a question of timelines because iran we understand has been exempted from this cuts, people are taking into account the via been under sanction and have not been able to produce as much as they would have. but then of course to bring those fields on the we were talking about, this new investment, that will take a longer. of time -- a longer period of time. it could be this peeling of cuts of cuts-- this period happens. i think iran's intention is to do that, but there is an inherent conflict with opec's plan to cut. yousef: thank you. program,come on the the government is struggling to airportinterest to the most populous nation. it is hoping a telecom deal will help change that. sis bloomberg. ♪ angie: welcome back, you are watching a bloomberg. yousef: a quick check of the latest business lash headlines. operation tod reclaim modal from the so-called islamic state eared -- state. in 2014.fell policearamilita

do you see any hope of an opec deal? you have been around with opec deals and cheating on opec deals, how do you feel about algiers and what we nd to see next? >> i didn't know what to expect out of algiers. companies who traditionally don't have good relations actually make some understandings and agreements there. i think what is less important, what are all the details of the agreement? just the fact that people are talking and there's cooperation is very significant. they will continue to talk. i think even here in istanbul and we'll see what happens in november. as an oil company, not part of opec, we're not going to rely on that, depend on that. we're still going to make our changes and adjust, but you do see changes in the market. the world recognizes $1 to $2 trillion in projects canceled or deferred. i think there's a nervousness that can catch up with the world down the road here. so there's a lot to talk about. >> reporter: you know russia perhaps better than anyone, uh you still have a significant presence th

if opec don't come up with a deal, opec production will remain at record levels. if that happens, the stock draws will be far more muted next year and rebalancing will take longer. >> in that scenario, what happens to the oil price? how much would it fall? >> i think if they don't come up with a deal, prices can go back down to below $40. especially given the winter. people are talking about a cold winter, but weather is hard to predict. if you get a mild start to the winter and opec don't cut there will be real risk to the down side at prices at year-end. >> amrita, thank you very much. before we say good-bye, just to recap. you're saying you're shorting u.s. treasury durations, shifting from high yields to -- >> investment grade credit. >> yeah. and you like emerging market debt. >> some of those moves are risk on, some are more risk off. we're trying to have a completely asset look at the world. it's about trying to find risk premium that's sustainable. at this point in the cycle it's a cash and carry type of asset allocation required. you don't want to have ou

>> there is many conversation that the opec level. opec represents only a portion of the offset. what is important is that the drivers are not anymore on the supply side, but demand we play a great part of it, meaning that we can expect the economy may pick up, especially when we look at asia. asia will become a center of will be growth will come in, will come out, and is visible in the forecast already. the imf is revising of the forecast for energy markets as a group at 4.2. this is one of the first of six in forecast. that is where the action is going. yousef: a doesn't really matter that much anymore whether opec come to an agreement or not? >> it is important for sure because it reinforces the originality of the key players. will be the factor dominating factor in the future. theef: just a show bloomberg median estimate for 2017, how far is this from your forecast? affects thehow this investment opportunities in the middle east and africa specifically, gcc, you are seeing a lot of options on the table. you would like the investment case for this part of the world, don't you?

opec is maxed out. opec cannot produce any more oil. global supply is flat or declining.d. the question is going to be when. in the past, when opec has been effective, saudi arabia have driven it. they have a lot of incentives, fiscal incentives, to try to get the price up. they are facing a lot of challenges. do they still have the power and influence to drive it? it is only because of the law of numbers. they produce more than anybody else. the export more oil than anybody else. having said that, higher oil prices also respond from show producers. production is going to be very profitable with $55 oil. this is the price opec is targeting to be at least the bottom of the range. if oil prices go to $85 and stay there, we will see a lot of drilling activity coming in. a lot of the wells that are drilled but incomplete will come into play. we can add half a million barrels within 3-6 months. that will negate any production drop that opec might reduce. two-way street. it is not clear-cut of how it is going to play out. there is no question in my mind, saudi arabia cannot sur

opec righting about now and a possibility of a deal. much is that going to change the fortunes of the region? >> how much is that going to change what? yousef: how would be potential deal affect the fortunes of the region? >> i think that right now with the dollar being more stable, we have seen some strengthening of the dollar, but going forward, we expect the dollar against the euro to remain in this range. they should keep the oil price at a reasonable level. i do not think that the interest rates in the u.s. are going to go up that much. we think that if the dollar strengthens too much against the euro, we would see a backlash. ween are developing -- we are now looking at this banking system in saudi arabia, and stability of the u.s. dollar against the euro, and whether more stable interest rates are good for uae banks. the earnings were not good, but excitations were low also. for the moment, in this context, a stable old price and a relatively stable dollar against the euro, i think the appreciation we have seen of the petering ou

general of opec on board as well.y spoke very clearly about the accord they were building between opec and russia as well. i spoke afterwards with the secretary general of opec as well and asked him if the algiers agreement involved everyone. i mean, everyone, including iran and iraq. let's listen in. >> the call was all inclusive. all 14 member countries of opec committed themselves to the decision. >> so the thing is, is iran really on board as well because iran has been striving very hard to get their production up, and if they're not on board, then any deal within opec could potentially dissolve as well. he assured me -- he said, look, i have phoned to arerahani and spoken to the minister as well. they assured me they would be part of any cohesive action. li listen to his action on this one. >> i was in algiers, and iran participated actively in the -- running up to algiers. i personally was in tehran. i got the highest pledge from the highest quarters after meeting with the minister as well as the president of ir

there are some differences between opec and outside opec, it doesn't look like we are going to get in anytime soon. we have the lowest level for oil since september 30. ramy: a lot on the board today. it's a big week for central banks with four of them meeting. make ae expected to policy change the markets are hoping for signals and what they might do in the final weeks of this year. kathleen, let's start with the fed. >> they have a two day meeting, starts tuesday in its wednesday, and it is set against the backdrop of the third quarter gdp figure that rose more than expected, up 2.9% from the second quarter. our intelligence he looked at it and they said, the details don't add up to the strength of the headline. probably sufficient for the fed to move in december. swimmingriven by experts and rebuilding inventories, those are not particularly sustainable. i want to look at a terrific chart that our team put together to put something in perspective. this is final sales to domestic purchasers, a very important spending number. it slowed in the third quarter and is down to 1.4% from 2.

>> i'm not going to point towards any of the member states in opec or the allies of opec.he fact the differences between the opec countries is probably larger today than it has been earlier. but still, they have made great progress. this could end up in an agreement that will materialize around christmas and the first quarter of next year. alix: if you look at your expectations for prices, some analysts put the oversupply at one million barrels a day. you say nearly balanced. when you are modeling the oil price for norway, what is the average of the next three years? the oil price climbing to $60 a barrel in the next couple of years. that is a price where we can support that. a lot of activity on the continental shelf. oil and gas becomes increasingly important for the continent itself and will boost energy exports. i did not say the market is balanced. i said i have tried to market ise we see the about to become balanced. alix: the real question as we move toward rebalancing is what it means for north sea production. oil production has suffered from those will -- low oil

that is a conflict with opec.coming up, eurasia group president's view of the presidential debates. it is not pretty. this is bloomberg. ♪ ♪ tracy: welcome back to the best of bloomberg markets middle east . the final presidential debate made headlines with donald trump refusing to say he would accept defeat. here are the views of ian bremmer. years of this election is a complete subversion of democracy and an embarrassment -- >> -- says an american! >> best to hear from me first. i would say that hillary won the first half, then trump gathered momentum. it did not matter. he is way too far behind. barring something caddick is like something happen to hillary, the question is how big of a loss will it be? most importantly, what does donald trump do after a loss? the only piece of news that matters after this debate is the fact that he came out and said that he was not prepared to say that he would concede if he loses. ivanka told me privately and others publicly that 100%, if he loses, he is done. donald trump has

but it does depend on what opec does. will it cut?it does cut, what happen with liberia and nigeria? will they be allowed to ramp up their production, and send it to asia? matt: we talk about the supply side more than the demand side. even if opec cuts production, even if everybody else ramps up, we'll probably see it freeze or at least maintain the level that it's at right now. what about demand? will demand continue to grow at the same pace that we're seeing it grow now? will: yes, demand is growing, perhaps not as strongly as some people would like. a lot of people are focused on india, which is making a lot of the running in the global market, as the chinese market matures and slows down a little. talking to people this week, there's been a big oil conference in london, and the consensus view there is that what we're going to look forward to is the pro tracted period, where they're in a range of $50 to $60 a barrel of opec's new commitment to supply management, that's up against shale production in the u.s. and i think that shale

opec members are talking with non-opec member countries. a global agreement will be hammered out to limit agreement. >> an impromptu meeting on how to deal with the glut of oil it again, a six-month profession cap is on the table when opec members meet with other oil-producing countries, including russia and wednesday. the main concern, output. order to restore stability on a sustainable basis, we need to meet together with our friends to a dress the issue. >> oil prices have more than as global surprise that's as global supplies swelled. it sends mixed messages with crude sliding back down vladimir said his country was willing to join an outward freeze on monday, but the commitment was state into doubt had a hergy scientists said that is unwilling for his company to participate. many are reducing the odds of such a deal rebalancing the oil market in 2017. next month, opec hopes to formally adopted deal struck in algeria in september, which would see the cartel reduce production to a maximum of 33 .ine barrels a day >> we will be following

>> russia is meeting opec today in the end.sia and other members. to sticking point here seems be the estimates they are using to come up with those limits on production, so they need to work through that. they need to iron out some difficulties there, but it seems like it is trending in the right direction, and i think the market is showing you that. david: the latest on the potential snack with this output cut deal. angie: let's cast our days to the land down under. a group of australian cattle grazers made it did, a rival bid, of almost $300 million for the cattle stations of s. kidman and company, beating the offer of gina rinehart and her business partner. about what do we know this new bid on the table? it is a new bid from a group of people who have had to come up with the name. , an call themselves bbho acronym for their surnames. all four of those are successful and well-established cattle grazers in their own light -- right. one runs 40,000 cattle. if the four of them are successful in acquiring the s. property, that

>> opec. the fact that the dollar is rising with crude is that opec is the reason why crude is rallied. it's an artificial rally -- >> but think about why opec, who has always disappointed you, actually could not disappoint this time. they have to get the price up. you have slumbchlumberger ceo o running around london, talking about how civil servant salaries in saudi arabia are down. there's a lot of social pressure on them. iran has gotten their production up. russia has got 11.1, all-time record. why wouldn't they cut a deal? it's pretty much everybody -- >> i'll push back and say this is why they will fill. iran just ramped back up. they just had sanctions removed. they are not going to cut any production. >> but they will be free. >> libya back online. >> look. >> all those things are bullish -- are bearish, ultimately for an opec failure. and our -- do you know the hedges are coming out, $55 a barrel? >> i think they're already out there. oil going to 80 bucks. you tell me based upon whe

non-opecers and members. opec is in demise. they no longer have the market share they used to have in the 1980's and 1990's. shale oil is there. renewables and solar. those are, all of i don't see an agreement between russia and other non-opec producers. the pressure is to increase production. >> there is a lot of pressure on saudi arabia as well. in many ways, this is an effective capitulation. the strategy has not worked, to put this shale producers market. you can intervene short-term. out of business. the local story is forcing them to say, we are pulling the plug. >> the bed was to get shale oil out. arenology and efficiency such that they can compete at $45 a barrel or $50 a barrel. they will pick the oil out. they will stop when the oil prices are down again. we can no longer control the market. the evidence is, get what saudi is doing. they have announced plans to go intointo shale oil production in saudi itself. yousef: they are trying to transform the economy effectively. shock therapy is the way they you have about i

liz: isn't it amazing that a non-opec member has more power than opec members? >> it is.ch risch but then the -- liz: but then the iranians will say, we're not in, and the price might fall again. >>> we've got apple leaving the dow, you know why, and walmart is a laggard here. et is ready to phone home. does anybody know the area code for beijing? director steven spielberg does. the deal that's got phones from hollywood to hunan ringing off the hook. that's ahead. and we are awaiting hillary clinton and donald trump. both will be speaking in this hour. hillary in detroit, trump in pennsylvania. will trump address house speaker paul ryan's announcement that he's off the trump support train? he's already tweeted about it, but will he comment about it? former new hampshire congressman, senator and governor judd gregg along with missouri governor bob holden on the down-ballot republicans jumping off the bandwagon, but hillary's got her own issues. her "countdown" on the way. ...as a combination of see products.. and customers. every on-time arrival is backed by thousands of o

opec jolts the oil market with an unexpected deal. >> it is opec managing the global oil market, opecringing barrels out to raise prices. scarlet: from policymakers to movers and shakers, there is plenty of food for thought in the week's top interviews. >> i tend to be in the camp of normalizing sooner rather than later. >> the economic consequences of a harder brexit will be more severe. >> there is always something to worry about. and at the moment, there are a lot of uncertainties. scarlet: the world's most influential financial actors remark on insight into a local -- global bloomberg summit. >> i think it is tragic that we have taken rates down this far. >> i have not seen bubble prices in most assets. >> the pressure is great on everybody. and ultimately, you've got to produce. scarlet: it's all straight ahead on "bloomberg best." ♪ scarlet: hello and welcome. i'm scarlet fu. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines

oil, growing doubts russia would join opec and limiting production.baba says it is cracking down on counterfeiters. putting bankspore under the microscope. just getting to our top story. samsung, a further move to the downside. a slight recovery. 12% over the past three days. in the aftermath of that selloff, we did see a rebound. analysts expected that this is not a good story, but they would move beyond it quickly. it is a year-long chart that we have of samsung. the mighty have fallen. haidi: the question is where do they go from here. now come down on the rest of its product line? markets just coming online. david is having a look. when we woke up, it was a broad selloff, bonds, equities on their way down. yields were on the way up, the vix was on the way up. not the best thing to wake up to. unsurprising we are seeing risk off this wednesday. markets are just coming off their lows of the day. south korea has turned green. samsung was falling more than 3% at one point, now down 1.4%. these three markets opening up, declines as well, but what has c

he will not be attending the opec meeting on wednesday.pec delegate that is likely to represent saudi arabia so they are not pulling out of the meeting but it's a bit of a surprise? . towas expected he would stay carve out more of an agreement. whatuestion remains as to kind of progress of bacon make in terms of defining the individual production quotas. i spoke to the ceo of saudi aramco and he gave me his take on where the ipo was and he said the banks of not been chosen. they are trying to diversify away from oil. we also heard from the vice il and he of gluco sees progress as they come together in vienna and after that, russia could join opec and a wider agreement. it comes down to non-opec supply. we have been hearing there is too much supply out there. the latest move from saudi arabia is a surprise. we will see how the market takes it. david: thank you so much. continue our conversation on oil with our guest steve ratner and brian belsky. now into thenergy reporting season? >> no. alix: tell me why. >> good morning. jonathan: welcom

deal coming from algiers cut production from within opec is misplaced and that all members of opec, all4 members, we on board. listen to go what he had to say about the all-important contribu. >> after meeting the minister, as well the president, rouhani, all assured me that at the end of the day, despite the fact that every member country is there to protect each national sovereign right, but iran will join in a consensus to re-establi market balance on a sustainable basis. >> that was the secretary general over peck, just confirmi to me that all members -- of opec were on board leasting up to the meeting in november in vienna. there is skepticism on this deal and that's been sending markets easier on the oil price on tuesday. we saw skepticism from the likes of goldman sac who said actually they didn't believe that saudi could push through across all members of the group. and a very important man, the boss in russia. russia, of course, the worlds biggest oil producer. represes 40% of that country's production. and he said his company would not be taking part in any produc cuts d is, o

>> the surprise opec deal has pushed up to that $50 level.ems to be fluctuating around that level. it is acting as a bit of a forward anchor for oil at the moment. it will probably fluctuate or move around that mark for the next six weeks until he come to the opec meeting in november. if we look at longer-term, there are more executives and traders meeting in london at the moment, and the longer-term outlook to $60 for a50 up range during -- arrange. it could also act as a cap for the market. that seems to be the range where oil may trade. angie: certainly offset by the u.s. producers taking things up. what challenges when it comes to opec to the face when actually closing the deal? deale announcement of the is first up. very few expected that to happen. , decidingtion limits on limits for members. that is throwing them a bit of a -- iraq and venezuela are not quite happy with that. then agreed to the deal itself, and in compliant. not being history of compliant with the deals they set out. saudi arabia boosted oil sales to china last month.

a tentative deal from opec to freeze product near record levels, boosting prices.hile analysts feel capping producti at 32.5 million barrels won't necessarily impact the supply/demand dynamics, they think it's an important step, a sign, perhaps, that saudi arabia is admitting that lower for longer has hurt the bottom line. but as crude flirts with $50, many questions remain. will the opec deal be executed? and will it matter if nonopec prod continue to pump? >> right now we see crude oil, at least the december contract, trading about $50, because of opec's ten agreement to cut introduction as much as 700,000 barre a day. that's not going to be enough to keep us here, in light of the fact that both nigeria and libya are ramping up full production. we know there is tremendous supply available out of opec. we also know that u.s. shale producers are going to ramp up and that there's tremendous supply here in curbing, oklahoma. production has got storage capacity there almost to its limits, as well the fact that we are now seeing traders use offshore or floating storage

opec jolts the oil market with an unexpected deal. >> opec bringing barrels out. scarlet: plenty of food for thought in the week's top interviews. >> i tend to be in the camp of normalizing sooner rather than later. >> there is always something to worry about. at the moment, there are a lot of uncertainties. scarlet: the world's most influential financial actors -- down thus taken rates far. >> i have not seen bubble prices in most assets. >> the pressure is great on everybody. ultimately, you've got to produce. it's all straight ahead on "bloomberg best." it's all straighthello and wel. i'm scarlet fu. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. the week began with reports from germany that created considerable worry for investors in one of the world's largest investment banks. bank shares dropping to a record low in germany today amid further concerns about its financial stability, whether the government will save the bank if needed. how long can the govern