he said he broke bread with the show producers and that the opec and non-opec deal saved the u.s. from imminent decline. they are walking out of this meeting scratching their head. the surplus has been all but wiped out. what happens next? there is another meeting in june and maybe september. what happens next? does opec continue to plug on beyond the end of 2018? >> one thing is very clear from this meeting as well as the last meeting in moscow. opec and theret once rivals want this cooperation to continue. me hemani minister told could see this to continue. the glut is nearly gone. one thing that is interesting is they do not talk about the five-year inventory level they have been targeting. every meeting, they talk about this level. today they have not. they are talking about other things, investments. they will actually look at a wider range of things that truly show whether they expelled the blocks or not. waiting to hear what they will be targeting. they are leaving the door open to more corporation and cuts. -- cooperation and cuts. vonnie: with the price of wti down, but s

anna.d morning, just minutes before the ministers will meet from opec and not opec here in jeddah. thank you for joining us this

opec?st: i toume it is what it means, meet together and review and look at numbers, look at the situation, the markets, the supply side, as well as the demand side. this needs to be done i think, at least twice a year. , is to continue meeting at least twice a year. reporter: wendy's see the market ?ebalancing guest: i think it is -- if it is about the stocks and inventory, we are getting close to that. in my opinion, the balance is between supply and demand. the twoe within percentage point of each other, the consumer will get what they want, and the supply will find the market for the producer -- for producing. month, trump is likely to not sign the waiver is a labor new sanctions. so we could see 200,000 to 500,000 pounds of oil from iran coming off the market. are there discussions of what could happen if this is the case to be honest with you, no. we have bigger problems than that. venezuela.bya, if you add all of them, the impact of sanctions or no sanctions in iran is really very sma

looks like opec is added again with record amounts of oil all over the place including a fully loaded ships at sea or prices are artificially very high no good and will not be accepted. well joining us now from zurich is on levy a jacob founder and managing editor of petro matrix thanks very much for being with us so i want to ask you first of all about president trump's tweet on this when trump says opec is added again what does he mean by that because surely opec is just doing what it's always done should we see this then perhaps as a warning to saudi arabia not to allow world prices to to run too high when saudi wants to get the u.s. behind them in confronting iran and i think it's it's right to to say that present does not like the not like the price of going to too much now you have to consider that about three four days before the tweet from the prison and deal the cd the year are already said that opec should be watching the prices do not rise too much and then have any bigoted impact on the on demand so i think from the first from the president side it is it does not really wa

and oil output is for laying in venezuela opec's biggest producer in latin america the political and economic turmoil there has cut crude production to around one point five million barrels a day all of this is of course helping support oil prices saudi arabia recently said it once or oil back up at eighty three dollars a barrel and less oil from iran or venezuela makes it easier to keep production targets between opec and opec in place for longer and this is something donald trump isn't happy about he recently tweeted looks like opec is added again with record amounts of oil all over the place including the fully loaded ships at sea or prices are artificially very high no good and will not be accepted. well joining us now from zurich is on levy a jacob founder and managing editor of petro matrix thanks very much for being with us so i want to ask you first of all about president trump's tweet on this when trump says opec is added again what does he mean by that because surely opec is just doing what it's always done should we see this then perhaps as a warning to saudi arabia not to

and i think it has been the first warning signal first warning given by the by the president to opec to not let the prices run to i am it and if president trump pulls out of the iran nuclear deal next month as he has indicated he wants to do what's the end and that then that deal collapses what's the impact of that going to be on on oil prices. well i mean it could mean it should provide some some support although the fact of the sanctions will not be as large as the previous round of sanctions because the u.s. would be alone in doing them so what you would see you would see you should see a shift of iranian oil exports going more to to the you to the to the east. and the exports of iran doors age of all already started to to increase i think iran is probably going to discount its crude oil in order to keep the customers in asia that are less sensible to her the potential sanctions from the u.s. let's talk about another big oil producer venezuela because the u.s. is also looking at the additional measures against venezuela strongman nicolas maduro what are the implications of that. w

opec is at again.are meeting in saudi arabia where they are discussing keep in production cutbacks in place. oil prices are at the highest in three years. they can't -- president trump call those artificially high. sanctions on said russian oligarchs have the impact the administration wanted it. imposed, there ruble has fallen 8%. mnuchin said he would not rule out further sanctions. the stalemate over brexit negotiations is getting deeper. eu officials are rejecting a possible solution to the future of the border between northern ireland and the republic of ireland. it would mean the u.k. stays in parts of the single market. the eu only was to give a status to northern ireland. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. alix: thank you so much. the economic leaders are gathering in washington for the imf world bank meeting. trade risk is on the forefront. the south african central bank governor weighed in. definitely tra

accusing it of keeping oil prices artificially high we'll take you to the opec and non-opec leaders meeting >>> nike confirming three more departures at the top. details of what it means if anything, for the shares first up, though, straight to general electric reporting earnings that did beat the street on the top and bottom line john flannery says ge is seeing signs of progress in aviation, health care and transportation all growing. however, conditions in the power industry are still challenging mike santoli it with us at post 9 to talk about the degree to which power stood out. not in a good way. >> definitely not. still the overhang psychologically along with all the kind of balance sheet and cash management issues that they've had. so i think the main takeaway has been not as bad as feared. people were kind of clenching up because there was going to be yet another revelation of something they hadn't anticipated. not there. if you can affirm 2018 numbers, i think that you can say, you know, fine maybe we've built in enough of the bad news for now but you've had a bunch of these sharp r

they have the inventories down, and they have the price up it's four ticks so far for opec and non-opec allies. the question is what happens next are they where they need to be i spoke to the host of this meeting about that issue he said they're not there yet. let's listen in. >> the inventories have declined from the peak, but we have not established what is the appropriate level of inventories as we have seen repeatedly over the last few meetings. that work is in progress, that work identifying appropriate balance level is still in progress we intend to discuss it in june. we will draw on what the market thinks there will be experts and other participants in the opec seminar, which will be very important as usual but especially important this year as we calibrate what our target is for the remainder of 2018 so i don't want to jump to any conclusion i mentioned in my remarks that before the glut materialized, inventory levels were 2.6 billion. today they're still above 2.8% significantly above the peak in 2017 of 3.12, but still above the time when the glut started materializing. so my

key oil opec producers are showing big oil decline. venezuela are in free fall they normally used to help temporary price increases and haven't spent enough to keep boosting production. even the united states which indeed has become a gigantic oil producer when i interviewed then mr. trump, well, we are running out of spare capacity too. so who could the president could? saudi arabia they have the spare capacity needed they kept investing during the whole downturn you can make that case right now. they are indeed keeping prices higher than they should be by holding back oil in the market russia isn't going it do our bidding. the president should pick up the phone and tell the saudis, it is time to produce more oil not opec, the saudis it might help. but one major issue the president didn't think about if the global economy keeps growing at this terrific pace, even the saudis won't be able to keep prices down too much demand. here is real irony if oil stays here at these inflated levels. then prices will only fall by themselves the pres

this tweet comes as opec and non-opec members are meeting in saudi arabia this weekend.ference that oil prices are, quote, not very high. he also said everything is now fine and the market is stabilizing. two different sides of every market, opinions on both sides of these if you want to take a look at oil prices this morning, 67.95 wti was trading above 68 in fact, above 69 yesterday. faced pressure yesterday and additional pressure this morning on the street. >> after that tweet, wobbled about 1% it's bounced from there and it's been on a pretty good run. >> you wonder what the president can do he can tweet about it and raise concerns. >> can you voice that view to saudis, theoretically would like to have a good relationship? yeah, i guess. not true that there's a tremendous amount of oil stored on barging around the world, more than normal you can view prices today as either high or low we first got above this level on the way up in 2009. >> i think they're high. i like them lower. >> people like them lower. it's proven psychologically, people register the higher pric

of next, gains ahead of the opec and nine opec meeting, taking place in jeddah, of course.inum at a near seven-year high. , upalked about commodities next. this is bloomberg. ♪ manus: good morning from dubai. this is "daybreak europe." anna: these are today's top stories. manus: oil gains ahead of a key meeting with opec and its allies. anna: yields curve concerns. james bullard said he is worried [indiscernible] see though a colic does not a recession. could herald a softer brexit. ♪ a warm welcome to daybreak europe. this is the futures, we have a bit tone. the key issue is trump. fire and fury for diplomacy. titles are on the move -- metals are on the move. unileverhat we have, underlined sales, rising by 3.4%, the estimate was 3.4%. they had that boost post hurricane, the dramatic used in the fourth quarter and we are expecting q1 to normalize. rose 3.4%.by am the revenue numbers 12.6 billion for the first quarter. the market pencil then 12.5. a lighter price than the marketed estimated. this comes in at one -- .1%. the market had estimated .8% but the underlying sales

and non-opec partners.tstion is whether production cuts will remain in place through the end of 2018 and possibly go into the future. what would the united arab emirates like to see? >> it is an important meeting, and this is the joint ministerial meeting, a committee chaired by his excellency from saudi arabia. the importance of this meeting is to tell the market what is , from theance levels different countries. as a committee, i would say they are very serious when someone is not complying. they will even call ministers to come in when countries are not complying. the second part of the meeting, opec'sll report as well view of how much this deal has contributed to balancing the market, how much of the oversupply is still there. in the one sense, how much of this job has been complete and what is remaining. prioreeting is happening to the june meeting for opec and non-opec, and we have the conference this year, so there .ill be a big crowd we are expecting it to be grand with more countries coming. hopefu

saveys the opec plus deals the u.s.imminent uae'sse, as well as the current president of opec both tweeted back to trump as well. there seems to be some war heating up on twitter between opec and the president. kevin: you mean a twitter feud in the state of age? shocking. why is the committee signaling more cuts even if the got is ne?e -- glut is go annmarie: that is a good question. they are signaling they would like to the deal until the end of 2018, and they are keeping the door open until 2019. -- they used to target this five-year inventory average. to upmeeting i have been until now, they always talk about this five-year inventory. they haven't spoken about it once this morning. oil minister said today it are going to look at a wide range of indicators to what they think needed to balance the markets. they are finding other ways and inventories they think need to come off the market. others, and skeptics, and mike winter, the head of oil research say if you think they are or to stop now, no way. they like seeing i

i think you know that opec should worry about this. also in the report released today, they pinpointed that because they said they are not focusing that much on inventories in long growth but how much has actually been invested in the last few years. alix: this is creating interesting dislocation in the market for the short-term, and i want to take a look at the short-term time spread. the wti and brent. brent is a lot tighter on the than wti. why is that, regina? you would think it would be universal. why is wti continuing to lag? regina: because of the abundance and the availability and the ability of the u.s. to use it. you have major facilities being in in the u.s., refining expansions and other investments, for that product. it can stay in the u.s. or go elsewhere. it is quite cost-effective to even go elsewhere. alix: through the pipelines, i'm wondering, i know you talk to your clients and they are feeling bullish, but if they cannot get the oil out of midland, that cripples their availability to take advantage of a $70 price. r

. >> opec has functioned as the textbook cartel.etroleum exporting countries produce 40% of the oil used every day, giving strong influence over oil prices and the global economy. like a championship boxer who has dominated in the ring for decades. in its more than half a century of existence, opec has fought off challenges from new technologies and competition from petroleum discoveries outside of its members' domains. but the group is up against the ropes now, as the u.s. produces record supplies of fracked shale oil and the planet begins to mbrace renewable energy. to stave off the competition, opec has cut output. this strategy has succeeded in the past, but will it work now? here's the situation. production cuts by opec and its allies gave prices a quick boost when they were agreed upon in november 2016. but it didn't last. the real question is whether opec can prop up prices when the u.s. continues to increase production by fracking deposits of shale oil. here is the argument. opec's agreement to cut output includes several no

but since then these opec producers have come in and counted trump's tweet saying we have nothing to oil prices, it has to do with political tensions around the world. things like sanctions against venezuela, issues around airstrikes over syria, potentially, threats to be around nuclear agreements, all of this rattling the markets —— threats to the iran nuclear agreement. you have shale producers, and their output is higher. and when trump tweets, we listen. we will keep an eye on that as we see how trading develops today. you might remember the transpacific partnership, today. you might remember the tra nspacific partnership, the massive free—trade agreement is supposed to bring together nearly half the world's economies, including the largest, the united states, until president trump backed out. one of the original members of the tpp was new zealand, and its new prime minister has been speaking about potentiallyjoining prime minister has been speaking about potentially joining the prime minister has been speaking about potentiallyjoining the us. we spoke to her about whether she th

since the opec cuts. reached globally, that is five years including the highest of the last several years. for the global market to really balance, investors have to fall towards a longer-term 10 year average. for that to happen, you have to see the s&p up. i would say opec is getting her. -- getting there. yvonne: as we see the moment -- julie: as we see the momentum to the upside, how far can prices go? will we see demand distraction triggered at some point? >> that is a very important point. we could see oil prices go up because opec, saudi, and the russians have been hinting that they would want to continue the cuts going forward into 2018 and 19. that would be a positive sign for oil prices to go up. prices have been rallying because of geopolitical risks. all that could lead oil prices higher. we are coming into a scenario were demand instruction could come into play. in the last couple of years, opec has been that story. demand has not been discussed too much. you will see that decision coming for

well i really don't know president proba has really attacking left and right including opec. higher price for oil should benefit us share oil producers so his at back in op it has no meaning and is not justified furthermore if he is worried about rising oil prices why doesn't he let the us share oil producers flood the market to offset the effect of higher oil prices and the effect of the production cut the truth of the matter is that the united states energy information administration along with the international energy agency and b.p.'s statistical review of world in energy and the financial times have been hyping about the increases in share oil production if that is the case if that is true then it is easy for that increased production to offset the rising oil prices above the truth of the matter it is long more than high and not reality. ok appreciate your time today that was a dog salim a international oil economist thank you. and i say how are things looking so far today here in r.t. don't forget they we've got plenty more stories for you to our website and you can fin

producers identified as being the target to which they were aiming. >> opec, non-opec meeting next week, what should people be watching for >> i think it's unlikely there will be a major new announcement coming out of that the next opec ministerial conference is in june. that's where decisions can be taken. when producers do sit down next week, as you said they will, they'll look at the numbers that we put out, the opec secretary put out and others, they'll i think feel satisfied that the progress towards their target of reducing stocks to five-year average, that progress is steady and they're likely to achieve that objective fairly soon what happens beyond that is a matter for them. we'll have to wait and see what they decide. >> thank you very much for that. >>> president trump is discussing his options in syria having come back from his previous decision that a u.s. air strike may be imminent in syria. jim mattis told congress that it with you important to gather enough evidence before taking action here in the uk, the country seems to have moved a step closer to endorsing military a

the global glass has kept oil prices down appears to be over the conclusion of a panel made up of opec members and other oil producing countries a barrel of brant crude has recently hit a three year high of seventy four dollars the panel says an opec and agreement in place since january twenty seventeen has helped cut over supply all the same the how things is that the recent buoyancy is sparing inflation and u.s. president donald trump also weighed in on twitter of course saying the cartel was keeping prices also officially high a wall street correspondent yens quarter small. investors on wall street are puzzled by the comments of u.s. president donald trump first of all opec is not the only reason why oil prices are increasing it's also global economic growth and therefore a higher demand and then if we think back about two years ago when oil prices were at around thirty dollars a barrel especially for u.s. energy companies for fracking companies production was not profitable at all a lot of those companies actually were in jeopardy and even might have had to file for bankruptcy you

first of all, opec is not the only reason oil prices are increasing.t is also global economic growth, and therefore higher demand. and then if we think back about two years ago, when oil prices were around $30 a barrel, especially for u.s. energy companies, fracking companies, production was not profitable at all. a lot of those companies actually were in jeopardy and even might have had to file for bankruptcy. then opec started to cut production. oil prices started to increase. and the u.s. energy companies were safe, so the u.s. profited from higher oil prices. but obviously donald trump has the opinion that prices are too high and that could lead to higher prices for u.s. consumers. when donald trump is saying that the high oil prices are not acceptable, what precisely is he going to do and change about production in the u.s. already at record levels? when we look at what happened with oil prices on friday, we started on a weaker note, but then oil prices pretty much recovered the losses. helena: that was jens korte in new york. back to brent and wh

opec and its allies considering extending their supply cuts.ing in saudi discuss setting new inventory projects -- inventory products -- inventory targets. shouldn't opec be doing a victory lap given that the surplus is all but cleared? >> it certainly seems that way. the technical committee met earlier today. they said that the inventory against their own benchmark which is this sort of five-year average of oecd is all but gone the surface is about 10 million barrel -- the surplus is about 10 million barrels which is nothing compared to the 300 million barrels they had when they started. we have brent nudging $75. everyone was saying wouldn't it be great if oil could get up to $60? here we are at these kind of levels and opec is talking about moving the goalposts and extending the cut. mark: is there a risk that opec and allies have become too greedy? >> we have certainly seen this in the past and we have certainly seen it in the run-up that every time oil prices get ministersvel that would like them to reach, suddenly that is higher. they fee

so his back in opec has no meaning and is not justified president is wrong. because of prices. is not doing more than defending its right and its well they lost more than three hundred billion dollars between august twenty fourth and twenty sixth because of the oil price. consequently they had to take measures including but i got along with russia to defend their rights. almost three decades have passed since the worst ever disaster in british sporting history the hillsborough tragedy left ninety six liverpool football fans dead after they were crushed to death during a game when the stand in became dangerously overcrowded stan collymore has been speaking to the sister of one of those victims. who. didn't just say hi my brother. took my parents the books family always it wasn't just done for the family. and it's not my dad's. crowd now you. can. just go over me we ended up going to the boys' club. the only way i can describe the plight is how. literally. every so often this place officer would stand on a chair and i'd everybody recognizes you recognise these trainers anybody re

will come to you we are seeing oil track higher, and opec.ina: we see the price of gasoline increase by a dollar, so that has got his attention as we head into the midterm elections and try to find a little something to out in terms of the tax cuts for each dollar increase. that is about $500 on average for you middle-class household. that does cut from the tax benefits. scarlet: is he correct in the price of oil? words, if, in other we look at the five-year average, the stockpile has gone from 200 million over the average to 30 million. it is much less than it was. terms of oil that floats on the sea, a nice place to hide oil is too much on the market, it is done by more than a half of the year. julia: and what to do about the trackback for inventories. joe: and this week we are talking about oil, but it has been incredible week for commodities, especially in the first half of the week with metals. three days we haven't seen the huge gains with nickel and aluminum, but were the things stand right now in terms of the supply picture and supply

how does opec respond?00 barrels a day coming out of the market if iran has new sanctions. , policy continues to work towards stability not only in oil prices but the industry in order to continue growth and worldpment that the requires and looks to the industry to provide, which unfortunately we lost in the as a result of the severe downturn. to getting the rebalancing of the market behind us to focus on the medium to long-term issues. >> does this maybe mean an end to the cuts? beyond should continue the rebalancing of the market. i think we have had at the conference most producers and consumers are fully aligned on that. we are working to put the architecture of this continued framework beyond the rebalancing of the market. >> will other members of opec has to the fill if iran leave the market because of sanctions? >> stability is the keyword. we are working tirelessly, not only among ourselves. ofis not in the interest producers or consumers to see shocks up or down. >> do you think that the geopolitic

and opec sees output fallen to the lowest of a year. this is bloomberg. ♪ david: as the new cycles between a possible cold war over trade withchina and a hot war syria over chemical weapons markets can be forgiven if they don't quite know how to react. this chart of geopolitical risk is at the highest since president trump first took office. joining us is now, melissa brown, axioma head of research. this is my chart, i'm looking at the camera saying why isn't he pulling it up and i realize it's my job. to the right, geopolitical risk has spiked up just of the time president trump took office. how does the market sort out what is real and what is not? one thing i would point out about a surgical strike in syria is that is unlikely to impact markets. at least equity markets. if something were to become more hotter, i guess, that becomes something more to worry about in the shorter term. but keep in mind, we had conflicts going on for many years and still market volatility of state quite low. strike.ou said surgical the markets trust the m

to stave off the competition, opec has cut output.ceeded in the past, but will it work now? and itson cuts by opec allies give prices a quick boost in november 2016. it didn't last. whether question is opec and prop up prices when the u.s. continues to increase production. here is the argument. cut outputement to includes several nonmember countries, which should help it regain control over crude oil and prices. oil forecasts suggest consumption will continue to rise in the next 20 years, which would seem really benefit opec and its allies. it's unclear how the strategy will play out, even though we'll has risen since june 2017. analysts are divided over whether the cartel would succeed in eliminating be supplied what it has affected prices. plus, with increased innovation in her noble energy, oil consumption may peak sooner than expected. they could leave it with no chance of getting back up. erik: that was just men of the one he -- one of the many quick takes you can find on the bloomberg. on can also find them bloomberg.com. that w

slaing opec this morning for inflating oil prices tweeting look like opec is at it again with record amounts of oil all over the place including the fully loaded ships at sea. oil prices are artificially very high no good, and will not be accepted with us on the phone, the founder and president of energy consulting company husseiny energy sir, thank you for joining us. what would you say to president trump about his allegations, about prices being artificially high right now. >> well, melissa, i think mr. trump must have missed the collapse of oil prices over the last three years they have been devastating to the oil industry and the $70 that we are at right now, about $65 for wti is barely enough to sustain the investments required to keep oil flowing. if there wasn't a recovery now, we would probably be seeing a severe shortfall by 2019 so i think president trump must have missed the fact that you need favorable economics to make investments. and at the 60, $50 that we were looking at, there just wasn't enough investment happening in the oil industry >> sure. now, this morning ther

he said there is no strict rule that opec should quit if the glut is gone.i noticed then talking, they used to talk about a five-year inventory, the average they wanted to get to clear the glut, nobody is talking about that now. a lot of keywords i am hearing, investment. investment is not good enough. that may be something they target next. ,nventories are above the level so there seems like there is room they want to keep open. work 2.6ventory levels billion. about 2.8 are billion. significantly below their peak. where brent is trading, you think they would take a victory lap. to declare victory and stop, no way, they like to see these prices at $70 to $80 a barrel. thank you very much. hordern reporting. us. with lucy macdonald, cio of global equities, allianz global investors, what do you think about the rise in oil prices? this has been telegraphed, it is planned, they may cuts that are working, that it coincides with the rise in metals prices. it must boost your concern about inflation? it has been a good fundamental backing in the rising oil prices. d

an opec meeting coming up in in june what do you anticipate. i think that the production cuts will likely still have high compliance and in that june meeting i think you're right they're probably going to stay put the real battle is going to be how the saudis can get that oil production cut get the prices to eighty dollars while still appeasing a lot of the other opec members or even consumers like india who want prices much much lower and they think that as these prices rally the shale story becomes even more a threat and iran knows this and this is a tug of war that we're going to say and it's going to get very interesting in june i have a feeling though the saudis are they might get their their way just because they've got the loudest megaphone in the talos podium they're going to do their best to talk the market into that eighty dollars target or gee i want to do a little fanciful although i hope it's fanciful discussion about syria and what could potentially happen with oil prices and if we do see some sort of increased conflict you know p

the white house says opec is keeping the oil price artificially high.

the numbers for global inventory, one benchmark that opec and non-opec like to use in these meetings,enchmark they look at is what is happening with u.s. crude inventories. we get a flavor of what to expect from the official numbers . inventory is falling. the bloomberg survey for the official numbers suggests a rise in those inventories by 650,000 barrels for the official beta is released later wednesday. .orecasts have been updated they are saying second-quarter brent is up to $69 per barrel from $60 per barrel currently. they point to the fate of venezuela and other opec members. manus: thank you very much, yousef gamal el-din. we will have full coverage. let's talk about russia. does it open up other opportunities in emerging markets space, including hedge funds? they say they could benefit. is in thenstreich studio in london. we are talking about the price of oil. to what extent do you believe in the continuation of the upside on the price of oil, and to what extent do you want to be long? i think being long, the oil exporters right now given the macro picture is a solid bet. rou

opec is no stranger to geopolitical tensions and what it could mean for the price, but the opec secretaryg they are looking into these tensions with keen interest, monitoring it. they are worried about what this can mean for the price. take a listen. we see a geopolitical premium reemerging area the good news is, the process of eating the market to restore sellers is continuing with the renewed momentum. the numbers are looking even more and more positive. mohammad barkindo speaking exclusively to us from the imf. goldman saying these tensions are aggravating already tightening markets. opec said yesterday in their report, they see a tightening in the oil market and they are pushing up their crude price target closer to the three-month forecast of it he 2.5. it'll be interesting the next few weeks in terms of what we are seeing. we have geopolitical tensions on top of saudi arabia, venezuela, even libya. oil output dropping. return to the old fear factors, ignoring fundamentals. are we any closer to knowing if the oil market has stabilized, or is it anywhere close to equilibrium, as has b

what happens if opec doesn't target price, just supply and demand?een talking to a number of opec delegates and market participants over the last month. not indicating a fixed price target, but the counterpart indicates that the aim of opec is to push prices to around $80 per barrel. >> opec says the oil will fall to the lowest of the year last month asked to reduced supplies of venezuela and saudi arabia, and they say most of the global glut has been eliminated. >> there is a global consensus -- a growing consensus that the declaration of corporations should continue beyond the immediate target, to come back to balance. we're working with our partners in the non-opec, led by the russian federation to design this partnership and insure its longevity. >> inside saudi aramco, accounts show the energy giant is the world's most profitable company, $38 billion in the first half of 2018 and bloomberg has also learned that the company is virtually debt-free, low production costs, and has no tax regime. we reviewed these accounts and figures. walk us through

market was higher on opec expectations. they would extend the production deal. donald trump called them out, hey, there is oil all over the place. maybe he hasn't read recent instone tories numbers globally. we've seen the biggest glut in history. saudi arabia came back and said, hey, wait a second we're not seeing demand goes down when prices go up. we're charging more for our product. that is what you would do if you were running a business. opec secretary-general said, wait a second, we stablized global energy prices. that will help the u.s. energy consumer. david: we'll see what happens. phil, thank you very much. melissa. >> thank you. melissa: today's panel, jack how much from "barron's." scott martin from kingsview asset management. he also a fox news contributor. scott, i will start with you, what do you think of the comments on oil and what about phil's explanation? >> i love what phil is saying as usual. this could be a turn in my opinion, especially in chicago, i think being here in new york is straight, but they are little lower here than chicago bel

president trump tweeting about opec blaming the group for higher prices.president telling cnbc the organization is acting with what he calls a noble goal of rescuing the oil market. uae energy minister rejecting criticism that opec is trying to inflate crisis. >> the problem is if we keep the market over supplied or if we drowned the market again, what's going to happen? no one is going to invest and we will have a way bigger problem down the road so what we are doing, we're trying to incentivize invest again more than $2 trillion need to be invested to get back the last of investment that was done it's a bigger picture than looking at the prize today or yesterday and saying the prices are higher. >>> as we said, oil not responding today very much crude oil is back below 68 here. wti overseas the brent crude trade down .6% you have to pay attention. you have oil on the rise, bond yield on the rise and a yield that's jittery good to see you, drew. >> good morning. i wonder, is this a market that can withstand a hawkish fed, higher rates and higher oil? >> i

says opec ismp added again and oil prices are artificially high with the saudi oil minister saying nouch thing. takes rudyrump giuliani for his legal team. he says robert mueller should be allowed to do his job. equities 30ropean minutes away from the finish of the friday session. gmm is the function. stocks falling for the first day in four. the weekly best run since october. the u.k. two-year yield is down today. yesterday, a flip with a big move up in yield here and elsewhere. bond markets and commodities also on this gmm function. prices --s an oil sharp increases in oil prices expectation ison the white line. moves, based on previous possible the jump in crude predicated on political risk as seen is only temporary, according to some analysts. chart,the title of this when will the euro wake up? it seems as if the ecb is more concerned about the exchange rate volatility recently -- thed the 60 day range 60 day range is the third tightest since the inception of the single currency. the previous iteration of 2014ting was mid- 2007 and which went into the two biggest move since 1

opec needs to continue managing in that respect.ink this resilience in the oil price, is that justified? if we are talking this is based on geopolitical risks, announcing more of this trade, geopolitical hawks on iran, others levels reasons to be supported? i think there is good fundamentals underpinning the oil price at $60, maybe up to $65. our demand has been very strong. if you look at the latest statistics, supply and demand growth at 2.7 million barrels a day. the demand side is very good. there are strong fundamentals behind it. but yes, there is a premium emerging in the market. it is centered around the iranian situation. venezuela from time to time is hitting the headlines, allowing some upside. how much are you watching the weakness in industrial metals, which has been weighed down by trade frictions? indicator orht gauge on where oil prices could go? we saw in the past when it goes to aluminum, it is a good indicator where crude goes. richard: the uae minister touched on it well. oil is more resilient because it is more

to be over as least as the reports of conclusion of a joint technical panel made up of members of opec and other all producing countries panel said an opec led agreement in place since january twenty fifth seventeen had helped over supply the wheat all prices hit the highest level in nearly four years raising concerns. it's about inflation. so we all got over that was quick to call in frankfurt but does that mean for the old price in the near future. all investors are actually sure that the direction of the oil price will follow the trend we have seen happening lately and that is just one direction going up and that's actually giving investors here's quite some headache at the stock market very fast rising commodity prices make investors more war and about higher interest rates and more interest rate hikes mostly in the united states one investor told me a little bit earlier that with the higher oil prices the fed in the u.s. increased their interest rates higher and faster than expected higher interest rates are not famous among investors the rumor that those fears created even a corr