was really this opec plus having opec and the other producers work together and you know it's not it's not as easy as saying oh it's just political it's about balancing the markets and when you look at it in twenty sixteen we had an overhang of inventor of of o.e.c.d. average of three hundred forty million barrels a buff that average you couldn't get the price to move then taking that one point eight million barrels out of the system again lift up the price which was good also for consumers in the end because if you all price doesn't have the certain level companies don't invest the national oil companies in the middle east yes they will invest but you know we also need the shells and exxon's and so on to invest and their shareholders will only allow them to invest in the sector if the price is at a certain level so do you think that caught that qatar leaving even though there or footprint isn't that big you're saying that they did have a lot of say so in opec and cornelia makes a case of a person the things they've done what kind of impact do you think this will have on opec. i don't

opec look set to define washington the price of filling up could soon be climbing up as the cartel says it wants to reverse slumping prices. also coming up possible new troubles for the u.s. china trade truce with washington seeking the extradition off a top chinese executive being held in canada. welcome to do business i want to get jones of berlin good to have you with us we're starting in vienna where the latest a bi annual opec meeting is underway u.s. president to donald trump has already urged saudi arabia opec's de facto leader to refrain from output cuts in order to keep oil prices low opec has made a plan to cuts in on output effectively conditional on the contribution from opaque producer russia. it might thrill drivers but countries relying on oil exports to finance their economies on tapi about current price levels for the last three months has been heading steadily downhill at the start of october a barrel of north sea brant crude stood at a respectable eighty six dollars by the end of november it was struggling at fifty seven dollars though it stabilized for now at sixty t

i hope it goes well for him in vienna on opec watch, as it were.arkets, ignore that figure on the dow, it was closed for the funeral of former president bush. it will reopen later today but you can see heavy losses across the board, in asia, as investors get their head around all these latest developments with regards to huawei. i will see you soon. the cost of student accommodation has increased by more than a third since 2012, with the average annual rent now exceeding £6,000, according to student housing charity unipol. it also found that private landlords own half of rooms available to students across the uk. our consumer affairs correspondent colletta smith reports. two stu d e nts two students in leeds living very differently. flats in any‘s block cost u p differently. flats in any‘s block cost up to £450 a week. this is a king—sized bed, which is so nice to come to, because when i come here i just feel so comfortable, and i don't feel like i'm losing out on any of my home comforts, because i know a lot of accommodations have single beds. ell

not sheep to be able to stick together and now we're really talking more about not just opec but opec including not opec so i don't think this will have that much of an effect on prices i think what's much much more important in this room of things is the state of the world economy if in fact what happens to the money i think right now as they keep where you are in the u.s. has a nascar what about the trump factor and all of this and we know we know the u.s. president has been tweeting about and wanting to keep prices low yet the saudi arabia's energy minister. said that this decision was made out of economic necessity and in his words not driven by any political agenda and now in other words he's saying we're going to do what we need to do and it really doesn't matter what president trump tweets about it. well i think the saudi oil minister is rather brave in saying that i'm sorry to say that's not the history of things but i think for mr trump there are number of balancing issues that are at play here on the one hand i think you would like to see low oil prices because that helps hi

brian sullivan is live at the opec meeting in vienna he is live in the room where the opec ministersre meeting we'll get to him in a moment first a major selloff is under way across the globe futures pointing to a 460 point drop in the dow following tuesday's nearly 800 point drop in the dow the s&p also opening down 46 points and the nasdaq down 156 points trading suspended yesterday for george h.w. bush's funeral two-year note yields, 2.76% the ten-year at 2.88 in asia, it's been a down day as well apple suppliers deep in the red. taiwan's largan precision reporting a more than 25% drop in revenue last month. largan makes camera lenses for the iphone other suppliers like pegatron and foxconn are following sharply as well. you can see that in trading. today in european trading and asian trading. in europe the dax is off by 3% the cac is off by 2.5% the ftse 100 off by a similar amount checking in on the broader markets. oil is in focus with that big opec meeting oil prices now $51.27 for wti crude. off by 3%. the euro/dollar is gaining strength 1.1339 and gold at 1,243. >>> a lot of

not sheep to be able to stick together and now we're really talking more about not just opec but opec including not opec so i don't think this will have that much of an effect on prices i think what's much much more important in this room of things is the state of the world economy if in fact what happens to the money i think right now as they keep where you are in the u.s. has a nascar what about the trump factor and all of this and we know we know the u.s. president has been tweeting about and wanting to keep prices low yet the saudi arabia's energy minister. said that this decision was made out of economic necessity and in his words not driven by any political agenda and now in other words he's saying we're going to do what we need to do and it really doesn't matter what president trump tweets about it. well i think the saudi oil minister is rather brave in saying that i'm sorry to say that's not the history of things but i think for mr trump there are number of balancing issues that are at play here on the one hand i think you would like to see low oil prices because that helps hi

your base case for opec and opec plus. it is a quid pro quo. would meanns opec opec is doing more.of the day, we need to take one million barrels off the october levels. around november, bigger. 1.3. add the decline between september and november, that is another. manus: what would and opec plus cut of about 1.3 due to the price of crude? i have brent, 59.50. what is a cut of the magnitude you see? it will allow the fundamentals to work -- improve and over, do a $70 brent. not immediately, but within two months. -- thewhat does america existential threat to the price of oil, this is about a market repricing to global growth, geopolitics, and the u.s. becoming in a net exporter for the first time in 75 years. roger: managing oil markets in the time of shale will be challenging. this organization will struggle because it is difficult. shale is growing at such a rate. grewthe last 12 months, we about 2.2 million barrels a day. 1.7 million barrels a day this year through september. it is difficult to that explosive growth. for the sourcet -- foreseeable future, managing your term. they

not sheep to be able to stick together and now we're really talking more about not just opec but opec including not opec so i don't think this will have that much of an effect on prices i think what's much much more important in this room of things is the state of the world economy if in fact what happens to the money i think right now is the key where you are in the u.s. has a nascar what about the trump factor in all of this and we know we know the u.s. president has been tweeting about and wanting to keep prices low yet the saudi arabia's energy minister. said that this decision was made out of economic necessity and in his words not driven by any political agenda and now in other words he's saying we're going to do what we need to do and it really doesn't matter what president trump tweets about it. well i think the saudi oil minister is rather brave in saying that i'm sorry to say that's not the history of things but i think for mr trump there are number of balancing issues that are at play here on the one hand i think you would like to see low oil prices because that helps his b

in the case of opec i totally agree that opec has never really acted as an effective cartel but if you go back to opec even during the arab oil embargo of one nine hundred seventy three seventy four arab or pick the arab members of opec they even cheated themselves saudi arabia or so or oil to the us fleet iraq in fact did not hold back its output so that you take into account what is said at generally opec meetings is rather meaningless the thing that matters is can they stick together and i can assure you that saudi arabia and iran have nothing in common to agree on any more during all this time that i have been involved and knowing what's going on between the two countries i can assure you that there has been no cooperation behind the scenes in front of the scenes or anywhere on the scene so whether that what was done at the opec meeting to me is i'm sorry to say rather meaningless i think what matters is can they stick together and for that i'm not really very optimistic not what this does i think to consumers is very clearly this that when you look at it in the case of the united

on all the opec countries. well i think opec realized some time ago that it's increasingly difficult to do it alone so they have lobbied the a wider group which is no opec plus and russia is playing an instrumental role here . of course those countries have a big care say and they can remove football them in the market but what we have seen is that when the price of oil is high enough you see a lot of response from the u.s. and so the u.s. shale supply right now is probably the most pressing issue do you think that with castle with during this week the first middle eastern nation to do so that other countries will pull out of opec and we'll see more more countries outside the organization as part of opec plus the them within is. it's very difficult to understand the russian oil for countries to be either in or not in the organization of course you can say there is a certain concentration of power was the bigger players they have something to say and their decisions have this huge impact but of course at the sam

news still to come just recently opec and other oil exporting countries agreed to cut production in the hope of boosting prices but they use prices continue to fall to record lows will be here at the moment it with business take a look at and watch for all still to come here on. natural riches of precious resources. and a rewarding investment. farmland has been called to ethiopia's gringo. the country has an abundant supply and leases it to international giants. the government sector high export revenues and the corporations high profit margins. but not everyone benefits from the booming business. exploration environmental destruction and starvation. the selling out of a country dead donkey. starts december twenty ninth on d w. the u.s. justice department accuses china economic espionage to chinese officials as the trade war between two the economic superpowers opens a new crop. looking at the bottom of the barrel oil gets cheaper and cheaper and opec is struggling to stop the full cost of production as have no effect. german consumers are known for being spent for a novel that have a d

when you look at opec, what is the actual supply level that you are seeing in opec but distill that downo the contributor countries. you will start to see divergent patterns. if the saudis say they are going to cut back, you can see increasing supply levels. or those inventories going elsewhere. but go outside of saudi. what are the iraqis doing? what are the iranians doing? to get a more complete picture. that will help folks like andy and others to make a better decision on what to do. alix: how would you use that data? andy: the oil market is all about supply and demand. if supply exceeds demand, prices go down and if demand exceeds supply, prices will go up. the easiest way to determine whether the supply exceeds demand or vice versa is by looking at inventories. whether they are rising or falling. in the 30 years that i have been in the business, we have never had a good window on what is happening with global oil inventories. we get this weekly data from the u.s. government. the weekly statistics. and people look at these things, scrutinize them. but the fact is, they only cover th

part in shoring up opec. in shoring up opec. guy: thank you very much indeed. he was talking to the nigerian oil minister. we also had comments coming through from alexander novak, the russian oil minister, just highlighting. the opec communique makes no reference to exemptions for countries. he does say the oil market is challenging and he says the decision today has been timely rational and democratic. opec can alter in both directions which will help the oil market rebalance faster. , keviner breaking news bauer, has been elected as the new leader of the cdu party in germany. let's go to hamburg and talked to matt, who joins us from their. she is a close ally of angela , how will this change german politics? matt: she has been called a mini miracle and carbon copy gary chi said in her acceptance speech and she wants to maintain it as a large people's party in the middle. that has been the strategy and that is how she has one for the last 13 years. anding the center collecting votes for the left. the problem is they have lost a lot of votes to the right and n

opec has made a plan to cut in oil output effectively conditional on the contribution from non opec producer russia that is according to opec delegates who are in vienna for the oil producer cartels latest bi annual meeting us president donald trump a surge saudi arabia to refrain from output cuts in order to keep oil prices low but opec appears to be dismissing pressure from washington. the decisions made by these people will be felt by anyone with a car the petrol pumps the opec oil ministers and representatives meeting in vienna focused on one subject of put cuts for crude oil the idea is to drive the price for oil back up after a three month slide during a time the price of a barrel of crude has fallen from eighty six dollars at the beginning of october down to around sixty dollars now that's hurting countries that need oil revenues to finance their economies we hope the right word for. this would contribute the way you could put across the board. ok so for for a minute consultation or believes we have not reached that. reports from inside the meeting say there is general agreement on th

why they're not a part of opec i'm not sure but opec does keep in mind really russia and because of its in their you know oil production in order to make big decisions like these which is why they haven't come to a decision today and they're waiting to after they meet with russian producers tomorrow and that's to decide whether or not they're going to pull back from production potentially her drive to plus russia has been a vocal about that as well and said that they are in support of cutting back boiler production so that slamming the white house right there. all right and going to be you could be that the zero nine oil minister did say that they're going to they're starting to look at the numbers from september and october and use those as a baseline figure so we could see these results from january to june of next year of them cutting back on the oil production thank you very much for educating the style of opec and what's happening right now it's of the still good thank you so much for coming on always a pleasure. when something goes viral it often doesn't matter where fi item i

opec's expected to cut oil output amid falling oil prices but there is one of opec smallest oil producers its main commodity is natural gas but the world's third largest reserves tensions between qatar and opec's largest producer saudi arabia suddenly increased and the saudis imposed a land sea and air blockade seventeen months ago three government ministers say leaving opec is not politically motivated but i don't want to politicize it i'm a very practical engineer i've been running kewpie for a long time the way i do business is really practical so we look at you know what is the value and. you know i like to focus on efficiency is always and i think it's inefficient to focus on something that's not your core business and something this isn't going to benefit you long term so for me to put effort and resources and time . in an organization that i'm a very small player and doesn't have don't have. you know seeing what happens in that organization. does not work it's not been a great year for opec its largest members such as saudi arabia ramped up production while others have carried out

opec the organization of the petroleum export in countries and a few non opec members namely russia met earlier this month and agreed to cut their production by one point two million barrels per day the move comes as the international energy agency estimates a reduction in oil demand for next year or twenty nineteen well the production cut increased prices as the oil rich nations would like it remains to be seen but don't count on it for many decades with the largest oil reserves and a majority of global oil spigots and acting as a mostly cohesive cartel the dominant player has obviously been opec the rest of the world as countless complains have moaned has been held hostage to their price whims with the resultant impacts on national economies however the sens are shifting and opec is neither as cohesive nor as powerful as they were back in the day without russia joining in opec efforts the once power per cartel would not have any real ability to move prices in a major fashion consequently it's time to refocus our attention on u.s. energy independence and heed a line from that old eagle

members of the oil cartel opec meet and their differences over cutting production opec's de facto leader saudi arabia is under pressure from washington to maintain output and cheap oil prices low. also coming up shattered dreams after a video of a soccer crazy afghan boy went viral his dream came true when he met his idol you know massey but two years later he is the face of afghans who have lost everything to the taliban. i'm sorry so much gonna thank you for joining us canada has arrested one of the biggest names in china's business world men one jew was the daughter of the founder of chinese telecoms giant way and one of its top global executives now beijing is calling for her release. you know that china has expressed our solemn position to canada and the us regarding the case. demands that they immediately clarify the reason for the arrest. form release the detainee issues and shift guard the legitimate rights and interests of the detainee . all men's arrest has been linked to alleged violations of american sanctions against iran and she now faces extradition to the u.s. asian stock

opec and non-opec potential agreeing to cooperate next year.rin clark is our energy editor in tokyo. this is really quite stunning. major fracturest in opec. yeah, it's pretty significant. basically qatar says their withdrawing from opec. there are very few details. another thing they said is they want to focus on gas production. qatar is also the world's largest exporter of natural gas. this is to look at contextually what is going on with opec. over the weekend, we had the crown prince of saudi arabia and russian president vladimir putin agree to extend this agreement to manage the oil market which essentially means they are very likely to reintroduce that next year. qatar has been withdrawing and as of generate first, they're toing they won't be beholden any opec rules or cuts. it's quite an interesting is situation though the details are still emerging. thank you so much. let's check in on the markets from around the world. london, it's bloomberg's dani burger. the indian market seems to be a tail of three charts today. take us to the detai

not opec states such as the united states their influence now is massive and opec's monopoly of power. think of the past now what we're expecting on friday is the opec plus members that's ten opec members that are closely aligned with the opec block very going to come here to vienna join the discussions and the expectation is that then figures will be put on exactly how much opec and its allies will cut production into twenty nineteen but as the saudi energy minister said it's not a done deal it's still if as opposed to a when. the european union and france have pledged one and a half billion dollars for the son held region in west and central africa the heads of state of the safe a so-called g five nations are meeting in the mauritanian capital to raise funds the five nations represent a huge area in the southern sahara desert that's been blighted by years of conflict as well as a lack of infrastructure because he has more now from the mauritanian capital not chopped money and refugees to are wearing the yellow vest more than a sign of protest against the french government it's a sym

million barrels a day, opec plus, 2/3 from the opec countries and 1/3 from non-opec countries.s of negotiations? i am joined by anne-marie gordon. it was russia versus the saudi's. -- saudis. how did this come about? those three countries were in delhi in 2016 and there was never a deal. there were a lot -- were in doha 2016 and there was never a deal. there were a lot of meetings. first, mr. novak met with iran. now, we have the numbers. we are seeing bullish crude. it seems like they were able to get a sweet spot. i am sure they realize that. the language is going to be crucial here. iran is saying firmly that they are exempt from the cuts, and the saudis were saying they were going into this not having exemptions from any single country. alix: we have another headline, saying russia is agreeing to this. that is goingknow to be important for the market at this point? annmarie: what will be important for the market, and more so politically, on how these ministers take it back -- how the minister will take it back to tehran, he needs to be able to politically sell this deal. th

as opec delivers bigger than expected cuts.he russia energy minister says crude oil prices are suitable but calls for less volatility. and qatar is said to be skipping today's meeting in riyadh despite indications from the saudi king. we take a look at what it could mean for markets. ♪ >> 8:00 a.m. across the emirates, i'm yousef gamal el-din in dubai. what a week it has been for u.s. stocks, the worst week since march. let's get you a quick recap. tech stocks were in focus, along with trade tensions. the latest batch of economic the adding to concerns, position toward equities has moved from by to sell. opec is delivering bigger than expected oil production cuts and it will be interesting to see how it ripples around the globe, especially in emerging markets. 2.85,0 year yields at numbers came in slightly softer, bank of america forecasting 10 year yields. the bloomberg dollar index, jobs haven in thee current scheme of things but lower. still, fairly resilient throughout the week. let's check in on the first word news with ch

to keep production steady and reduce the cost of crude oil through twitter saying hopefully opec will be keeping all floor oil flow as is not restricted the world does not want to see or need higher oil prices trump said in his tweet but saudi energy minister again fadi told journalists when asked about dollar reaction to curbing production of crude by the king them or the oriel cartel that opec members don't need their approval from any foreign state when it comes on the issue of energy production but barred as always the hard part for opec members and their alliance is not just figure out figure out number by rather how the group divides up the cuts to opec members of libya and nigeria have asked to be exempt from the cost like they were the last round of cuts all the opec delegates are trying to pursue both countries to cooperate so exactly there is an agreement just how much is going to be actually cut that remains a question on told their meeting tomorrow with russia. it's time now for a quick break but when your close when we return kristie are is back talk about bitcoins we've

the larger opec plus group that's opec members and the group of ten not opec members in coming minutes here the day after the opec meeting that's going to take place on friday could be no announcement until valid logic body can meet to talk about the best way forward. and the reality paul is whatever the decision you can't please everyone can you. know exactly. the pressures from all sides aside. they are complicated you know the. u.s. shale industry which is putting is a spanner in the works of opec's previous monopoly on controlling the oil markets in opec used to be able to make a decision and you know a long period of time the decision would stick now there are so many other operators in the market that opec's were no longer holds sway in the oil industry and what opec is trying to do is fight fires and it's having difficulty doing that as the u.s. jail for example is putting billions of barrels into the markets opec's influence it's funding difficulty in actually making that influence matter. paul brennan live in vienna for us thank you. the u.s. military says it's carried out an

president on how to trump has urged saudi arabia opec's defunct a leader to refrain from output cuts in order to keep oil prices low but that is not in opec's interests it might throw drivers but countries relying on oil exports to finance their economies on top be about current price levels for the last three months all has been heading steadily downhill at the start of the toba a barrel of north sea brant crude stood at a respectable eighty six dollars by the end of november it was struggling at fifty seven dollars though it stabilized for now at sixty that's causing oil producers a lot of financial problems so much so that the organization of petroleum exporting countries has put production cuts high on the agenda of its latest vienna meeting. what we have in fifty's. and what wasn't right for you or me you should be tied to. a much better since you came. back you know makes want to warn you about potent and supply falls prices rise. the u.s. is by far the world's largest oil producer at fourteen percent of output russia is the second largest candidate is way behind all three are

not long ago opec and other oil exporting countries agreed to cut production they wanted prices but the oil cartel is finding it harder than they thought at school prices continue to fall also coming up the u.s. justice department accuses china of economic espionage charges to chinese nationals as the trade war between the two economic superpowers opens a new frocks and how a hand sized mollusk provides a billion dollars line for a struggling region. i'm first of call welcome to the program the price of frank crude recovered slightly on friday after having slipped to its lowest level in fifteen months earlier oil prices have been steadily sliding for weeks dropping more than twenty five dollars since the beginning of october when they were hovering around eighty dollars investors had hoped to supply cuts from opec or prop up prices of the cartel of oil producing countries is finding that easier said than done. earlier this month the oil cartel opec and its partner countries agreed to cut production to one point two million barrels a day from january. to reduce supply and boost prices th

opec being one of them.g, you have seen brent prices fall 17% at front end but then the prices were up 6% in the same period. that is good news for oil companies. you're getting a stable long-term price on the curve. the integrated companies paying 6% dividend yield. i think they are very attractive companies. tom: i would count the shifts of the last eight weeks but we only have 21 minutes left in hour. we would have to go, go, go. it is absolutely remarkable. what is the fed to do if we buy the idea that the central banker to the rledwo, we have gone 80 to 50 on oil. you know what the bond market has done. on and on and on. yen hasn't cracked. what is a good central bank to do? >> powell changed the narrative slight loifer the last month. we were a long way from neutral and now we're close to neutral a month later. we have the jobs numbers today and the wage growth numbers today. i don't see much -- the confidence number is high and jobs growth is going to be very high today, we expect. it has been a marke

on all the opec countries. well i think opec realized some time ago that it's increasingly difficult to do it alone so they have lobbied the a-y. the group which is no opec plus and russia is playing an instrumental role here. of course those countries have a big care say and they can remove football them in the market but what we have seen is that when the price of oil is high enough you see a lot of response from the u.s. and so the u.s. shale supply right now is probably the most pressing issue do you think that with castle with during this week the first middle eastern nation to do so that other countries will pull out of opec and we'll see more more countries outside the organization as part of opec plus the within it. it's very difficult to understand the russian oil for countries to be either in or not in the organization of course you can say there is a certain concentration of power with the bigger players they have something to say and their decisions have this huge impact but of course at the same ti

opec's monopoly of power. think of the past now what we're expecting on friday is the opec plus members that's ten opec members but closely aligned with the opec block very going to come here to vienna join the discussions and the expectation is that then figures will be ports on exactly how much opec and its allies will cut production into twenty nineteen but as the saudi energy minister father said it's not a done deal it's still if as opposed to a when at least thirty five people have been detained in athens after protests is through rocks and fire bombs at police they were marking ten years since the fatal police shooting of a teenager the two thousand and eight killing led to weeks of riots and looting across the country. sudan's government is meeting representatives of armed groups in germany hoping to end fifteen years of conflict in darfur more than one point seven million people are internally displaced another three hundred thousand a sheltering in neighboring chad morgan reports now from giannina. f

can keep non opec members on site let's look at my report. it's been a volatile year in the global oil markets after reaching a four year high early in october oil prices slipped from eighty five dollars a barrel to sixty dollars a thirty percent drop heaping pressure on opec to act then just this week when it emerged at the g twenty meeting that russia and saudi arabia had agreed to cooperate on managing the markets the price of brant crude the international benchmark recovered slightly to sixty three dollars a pound. opec's responsiveness is in question particularly compared with the nimble shale oil industry we shared that time that the tide has been with us till two months maybe eighteen months or one year so whatever you said today is going to see it to have an impact on the markets immediately in the short term and that has created a massive challenge to an organization such as up there which is trying to stabilize and massive market president donald trump who's determined to reduce fuel prices on wednesday urged opec to keep oil flows

status of the opec if any country wants to do. what it has to do is basically put in writing it's a request or it's a decision to withdraw. basically it was in the next calendar the. qataris decision to leave opec may not cause major damage to the group but it certainly calls into question its reputation for pushing shared economic interests above politics french president a man who went back hall says he will postpone his upcoming trip to serbia for the next couple of weeks due to the situation in france protesters known as the best streets three weeks ago demonstrating against a planned increase in fuel taxes and their dwindling purchasing power those protests turned violent over the weekend while protesters and police continue to clash the unrest is having a real effect on the country's economy. well both patience and fuel are in short supply in france as the so-called yellow vest protests continue. gas stations in britain have started to run dry as protesters block the deliveries. and in paris ambulance workers join the strike

does not work it's not been a great year for opec its largest members such as saudi arabia ramped up production while others have carried out cuts as relations between saudi arabia and russia have improved iran iraq and venezuela have found it difficult to abide by wider opec decisions but it isn't the first country to leave opec but it's the first from the middle east raising questions about whether others are about to follow some of a job in their. life that was a serious shot at palace outside the world trade center in downtown we had the energy minister there saying that this isn't a political decision that's not necessarily how casaus gulf neighbors and fellow opec members will see a shot. no i think a lot of people won't. this is a political decision and i put that to him in the press conference saying that you could have pulled out of opec and so ramped up gas production you can do both at the same time. so you've heard from some of the package there that he see i'm a businessman and i see this inefficiency to continue and he was quite defiant that he didn't want it to be a my

in opec, he says they will. and there is also a flash that india and iran have agreed to settle their deal in rupees. why is that a big deal >> we've seen a lot of problems going through iran it is interesting. it's an interesting dynamic that will play out with any country that has a relationship with iran i would expect there to be some type of response from that twitter account. >> just to add to that, the iran oil minister said they will not be joining any deal to cut output until sanctions are lifted that's the political dimension >> i wanted to ask you, we're now a month on from the imposition of those sanctions, how much of a damp squib were they and how much of a factor was that in the oil price? >> i think it was significant. one issue that we're seeing when we hear comments from opec is that they feel like they were horribly misled by the u.s. and being told to increase output but then those sanctions dent go through entirely i think there is some concern is how much can they continue to respond to u.s