. -- their membership of opec.rie: you mentioned there are so many things going on not affecting supply or demand. what are you looking for? a trade deal? better manufacturing numbers out of europe and asia? what do you think will benefit the market? mohammad: we are looking at a variety of macroeconomic issues. chief among these is the trade talks. u.s. and the chinese delegations are meeting in washington, and we are cautiously optimistic that some form of agreement will be reached, which would be in the best interest of the global economy. annmarie: a trade deal. mohammad: yes. annmarie: thank you so much for your time. that was secretary-general of opec mohammad barkindo. alix: thank you so much. let's recap some of the breaking news that interview. the first is that saudi aramco is set to give the green light for the world's biggest ipo next week. the way that affects oil prices, many think that saudi aramco needs a really high valuation, in which case they need really high oil prices, so how much more will th

trump tweet, getting ready to go to opec, his disdain for what opec was doing. getting ready to go to opec again. do you think we are pushing against uphill because there is so much american crude? >> i don't have a problem with that. the world has changed. it has been turned on its head the course of the last five or six years. 15 years ago they told us without all of the oil and gas there was in the world. now we are awash if you will and the united states happens to be the ones that develop the technology. what it into place, we are reaping the benefits. the world is -- put it into place, we are reaping the benefits. cheap energy is good for the world. finally the right balance where those that can produce it can make a go of it. keeping prices the consumer enjoys. reporter: if i look at the construct of opec, it is not the cartel it was in the 1970's. general barkindo has extended an invitation to the u.s. can you envisage any level the or joiningipating with the opec plus at any level? >> not really. i don't think it is a part of the future. david: u.s. ene

we have the opec meeting december 6.ll of these issues are deal, deal, deal, so the issue is to put in stabilizers, and we will get further monetary fiscal easing to support that effort. so, therefore, we are in potentially a stable phase, and we will have to see how all of that pans out, whether a deal happens, or whether we get some economic stability. nejra: all right, we will pick up on that. martin is staying with us for the hour. we bring you another earnings interview. philips, the dutch maker of goods also confirmed the guidance it gave when it talked about profit earlier this month. frans. us is the ceo, thank you for your time. you have confirmed that guidance for october 10, talking about toecting adjusted ebitda improve about 10 or 20 basis points, and with the headwinds and the performance trajectory of the businesses you are addressing, can you tell us a little more about that? what are you doing in terms of action to fix the shortfall? sure, let's position the business. we consider the third quarter to be

opec meeting. thank you, chief oil analyst tesco has announced chief ceo dave lewis will step down. he said the decision to leave was a personal run the company reported a price in fourth quarter profit. >>> boris johnson will unveil his final office to the european union today. he will reveal details of his brexit plan before submitting the proposal to brussels he will describe his deal as a, quote, fair and reasonable compromise and is expected to rule out negotiation delay if brussels does not move on with the over adding that the only way to move on is to come out of the eu on october 31 big day for the uk >>> also coming up, hong kong police respond to the shooting of an 18-year-old protester. more on this story after this break. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originall

non-opec supply led by iran, brazil and norway to rise to 2.2 million. interesting that they continue to see a ramp upcoming out of non-opec countries there they've made a few comments on the saudi attacks. they said they put about 6% of oil off line and the largest loss in history rose by 20 million in september >> they said stock draws likely in q 4 even with the swift recovery of output fairly muted again like we've been hearing about the pressures of weakening demand and how that is affecting oil markets >> we'll talk about that report in more detail prices are back. they've jumped following an explosion in an oil tanker we were told the tanker was hit by two explosions, quote, probably by missiles all crewmembers are safe and the situation is under control we'll go live to tehran. the oil company is saying the fire has been fully put out. do we have more information on what happened this morning >> not a lot there are contrary reports about the fire the fire was contained immediately and working to stabilized situation and saying there on fire on bo

ecuador has announced it will leave the international oil cartel opec, at the start of next year. ecuador‘s plans to increase production to boost its revenues. it's currently one of the smaller members of the iii—nation bloc but have been asking for increased production rights since february but the government have never confirmed whether that request was approved or not. ecuador joined opec in 1973, withdrew in 1992, then rejoined in 2007 the impeachment inquiry started by president trump's opponents in congress, over his phone call with the ukrainian president, is gathering pace. leaders of three house of representatives committees have accused his secretary of state of intimidating witnesses they want to question. mike pompeo has thrown back much the same accusation. in a tweet he's written: "i'm concerned with aspects of the committee's request that can be understood only as an attempt to intimidate, bully, & treat improperly the distinguished professionals of the department of state." our correspondent has this assessment. who is bullying who? that is the debate right now bet

coming up, we speak to the oil minister of the biggest opec producer. don't miss our exclusive interview with nigeria's new petroleum minister. but get straight to bloomberg first word news. obviously is retiring after full-year results in february. the upstream chief replaces him. he cap's a 40 year career with bp with nine as ceo. xi jinpingp says should investigate the biden family for remarks -- the remarks coming after reemphasizing his call to the ukraine president. was just as bad as in ukraine but offers no evidence. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: it has been a gloomy week for the u.s. labor market, the lowest since 2016. there was a small drop in hiring plans and the worst services index in years. what fed speakers made of this. >> you have idiosyncratic factors affecting the labor market. >> trade uncertainty has been very important for the weakness. i talked to so many business executives who have indicat

pouring some cold water on the prospect of deeper opec plus cuts.for the hour is marija veitmane, senior multi-asset strategist at state street. great to have you with us. the s&p 500 at another all-time high. does that concern you in terms of valuation? is the rally we have seen so far justified? marija: good morning. probably not. constructivequite on risk markets for most of this year. our story was about this disconnect between pessimism in the bond market and interest rates going forever lower, even negative, yield curve, signaling recession. equity markets being stronger with corporate earnings being not fantastic but good, ok, or above. this disconnect allowed us to build a constructive case. if you take this chart very long, as long as you can, if interest rates are going lower, if inflation is going lower, stocks can rerate. we have equity multiples broadly in line with historical kind of long-term levels. so that is kind of ok. if we think there could be re-rating because we are going to a lower inflation rate, we have a bit of a margin. o

ecuador, one of the smallest members of the organization of the petroleum exporting countries, opec,loc from january one due to fiscal problems. the andean nation is attempting to increase crude production to raise more income and has on multiple occasions broken its output quota fixed by opec. the us commerce secretary is expected to visit india today. according to reports, wilbur ross will meet finance minister nirmala sitharaman and commerce minister piyush goyal in delhi. the trip comes as the two countries remain locked in a trade dispute. that's it for the business briefing this hour. but before we go, let's check in with the financial markets. global shares on indices open around the world have fallen to levels not seen for a month after us manufacturing activity tumbled to more than a decade low, sparking worries that the fallout from the us—china trade war is spreading to the us economy. however, oil has rebounded from several days of declining values after industry data showed a surprise drop in us crude inventories, offsetting those weak economic readings in the us. so oil

production which is really putting opec in a bit of a spot.t power in terms of the impact is diminished by the u.s. shale revelation. u.s. supply running pretty high. it puts them in a bit of a bind and limits the price impact they can have. shery: we are hearing again from aramco's on-again, off-again ipo. looking set to be back on for december. what are the chances of this actually happening before the year is out? james: as you say, it has been an on-again, off-again process this year. the latest report is that aramco is focusing its efforts on local institutions to back this ipo. it has been a very lofty valuation. looking to value the company around $2 trillion and international investors were balking at that price tag. now it is shifting to get cornerstone investors on their doorstep, maybe saudi institutional funds and maybe some allied states close to saudi arabia. if they can get them to back it -- apparently, they are less price sensitive that some of the international funds. they are still hoping to get that deal away in december. t

more information on the supply side out of opec, demand still a concern, 1.43%. up for a second day. optionere is a third which is no deal, which would imply sanctions going up on the 15th and more on the 15th of december. the market risk on assets liking the idea that liu he will meet the president. the euro has been gaining ground despite disappointing data. the dollar is down. i want to mention what is happening with turkish assets, stock market trading down by 2%. bond market, the yields moving aggressively, and the lira is under pressure. turkey puts more troops into syria, a tense situation emerging as president erdogan says if europe says it is an invasion, he will send all the refugees europe's way. assets under pressure. trade, everything today, that is the game. he we get a deal or not, do we get sanctions? romaine: we will continue talking about what is going on with trade as u.s. and chinese negotiators behind closed doors in washington right now. joining us on set, tom orlik in and sarahrk fiero, ponczek here. there is a lot of speculation as to what

secondly to achieve the understanding on the system to continue the corporation within the opec bloss between saudi arabia and russia and possibly even the further decrease in the production output and finally to reach the common understanding or the key issue of the regional security most of the invested quite a lot of efforts in trying to make the litany of change in this relations to bring down at the level of let's say what it sees as a strategic partnership and now we believe that the time is really important because on the one hand there is a really serious decision on oil market that should be taken within opec lost by january 20th fainted on the other hand there is a growing insecurity in the region which as i said allows moscow to sell its vision of the future security structure and finally moscow believes that it at last it brought its ideas about potential projects for bilateral cope comic operation at the stage where they can be not only in simply signed by. implemented as soon as possible. i former white house rusher advisor fiona hill is testifying behind closed doors in

countries are the world's largest oil producers are their competitors you know in this case most likely opec. plus partners too so all kinds of oil and gas and issues related to the energy sector are on the agenda especially after the drone attack from last month on one of saudi arabia's most important oil refineries which put the country's output by almost a half and almost put the region on the brink of a real crisis. yemen's who the rebels said we did it washington and allies almost immediately blamed it all on to iran it was feared that a u.s. led strike on iran could have been imminent the incident even led to vladimir putin suggesting that saudi arabia whose army is almost 'd totally dependent on arms imports from the us should buy a russian made air defense missile system it's another chance for mr putin to sell those but even without them 2 $1000000000.00 worth of contracts are expected to be signed between moscow and riyadh. but apart from things to be bought for cash moscow is bringing plenty of presents which include russian movies cartoons an opera and concert and a collection of

they would not abide by opec production limits. what we have seen is since 2016 in particular, saudi arabia working together in the opec plus format to affect oil prices. this is really something that's unprecedented. some observers feel now saudi-russian cooperation is more important than opec. saudi arabia and russia make the decisions and opec ratifies them . this is an amazing accomplishment putin has achieved. boasts that unlike the u.s., it has the ability to talk .o all sides in the middle east the u.s. cannot or will not talk below --, with has that russia is in the best position to serve as a mediator. moscow has not exactly resolved any of these conflicts. there has been no equivalent of a camp david accord or anything like this. if moscow managed to achieve something like this -- but what we have seen is that there has been so much activity. people in the region take it very seriously. the u.s. in a certain sense has been marginalized in the diplomacy of conflict resolution . either that has not been successful so far. t

the market is reflecting that so backwardation is something opec desires.antly. the problem with price, the issue with the trade war is is in the trade war itself with the we have 5%, well tariffs, it changes every hour? capex andlling back opec cannot do anything about that. markets cannot deal well with uncertainty. scarlet: we have seen oil prices go from above 80 two as low as $50 in the span of three months in the fourth quarter last year. is that the range oil is destined to be stuck in as we deal with these headwinds? it is a tight range. picture -- supplied if the supply picture is what you are looking at, prices should be 75, $80. production in ecuador is down quite sharply. demand growth has slowed down and the worry is it could launch into way big recession which leads to demand declines. i don't think we are there, but that is very much the fear. between aillating five and 10 label. francine: do we have to start factoring in a possible war in the middle east? saudi arabia and iran said that is not what they want. amrita: i think both want to de-

russia is not complying with opec cuts. their average daily oil output still exceeds opec+ targets, even after producers made deeper cuts. speaking today, the russian energy minister blamed uncertainty over crude demand and price volatility that made it difficult to forecast how crude will behave. stuart wallace has the latest. reporter: two weeks ago, the world was in an absolute panic about there being enough oil supply because of those missile and drone attacks on the saudi processing plant. just two weeks later, that is almost off the agenda. the only thing anyone wants to talk about is demand, the startling statistic is if you look at september production numbers for opec, they are the lowest in a decade because of that collapse in saudi production, but the reality is even if they kept producing at that level, that incredibly low level, through the first half of next year, there would probably still be a glut of oil. that is the conundrum confronting opec+ right now. just how much should they produce? what is the outlo

ecuador has announced it will leave the international oil cartel opec, at the start of next year.ador‘s plans to increase production to boost its revenues. it's currently one of the smaller members of the iii—nation bloc but have been asking for increased production rights since february but the government have never confirmed whether that request was approved or not. ecuador previously left the organisation in 1992. stay with us on bbc news, still to come: a relic returns — the 2,000—year—old stolen sarcophagus that turned up in a prestigious american museum, is back in egypt. in all russia's turmoil, it has never quite come to this. president yeltsin said the day would decide the nation's destiny. the nightmare that so many people had feared for so long is playing out its final act here. russians are killing russians in front of a grandstand audience. it was his humility which produced affection from catholics throughout the world. but his departure is a tragedy for the catholic church. this man, israel's right winger, ariel sharon, visited the religious compound and that starte

secondly to achieve the understanding on necessity to continue the corporation within the opec bloss between saudi arabia and russia and possibly even the further decrease in the production old food and finally to reach the common understanding or the key issue of the regional security yeah and on that note our friends in our security is there a role that the russian president can play or is striving to play at least when it comes to the tensions between saudi arabia and iran while the question is very sensitive for moscow because it doesn't want to harm with relations between with iran on the one hand on the other hand it believes that it's a really good time to sell to the gulf region the russian security issues here of and thus to make sure that moscow will be playing an important role in the region at least from the mid term perspective and when it comes to the timing of this particular visit is there something to be said about that because as we've been reporting that's a 1st time in a decade so it's quite timely is it not well it is because most of the invested quite a lot of e

secondly to achieve the understanding on the system to continue the corporation within the opec blosstween saudi arabia and russia and possibly even the further decrease in the production output and finally to reach the common understanding or the key issue of the regional security more invested quite a lot of efforts in trying to make the change in this relation to bring them at the level of let's say what it sees as a strategic partnership and now we believe that the time is really important because on the one hand there is a really serious decision on oil market that should be taken within the last by january 20th feinted on the other hand there is a growing insecurity in the region which as i said allows moscow to sell its vision of the future security structure and finally moscow believes that it at last it brought its ideas about potential projects for bilateral economic cooperation at the stage where they can be not only in simply signed by. implemented as soon as possible. now 3 children have been killed in an air strike in tripoli libya's internationally recognized government

the pressure on the chinese to come forward and give some concessions and assign a mini deal at the opect. 0ngoing ease from central banks with a record number lowering the discount rates and that means stocks are valued at higher multiples but really, when we come through the noise and we look at company outlook statements, company earnings and the economic data, the message is clear that the global economy is continuing to slow. at some point with do need the earnings directive come back up again. given that the current investment climate, which asian market excites you the most? i think the australian market is potentially onto a winner when we look at asian markets in general, given it has a high dividend yield relative to its peers and we have a somewhat more defensive market relative to other asian markets as well. potentially the australian market is set to shine throughout asia. if it will shine throughout asia. if it will shine throughout asia and we see the fed cutting the cost of borrowing yet again this week, which central banks will likely follow the lead of the fence? we ha

quincy opec tightening the screws yet again. —— could we see?ks we are facing today but there are other factors forcing the current price slump. moving ahead, we do see that some of the political risks and some of the supply risks may come back it will take a little bit of time and particularly towards the end of the year there will be a slight increase in demand and supply will become a risk factor. why will be see an increase in demand? seasonal demand for heating oil and other things. seasonal demand means a higher refinery requirement. at the same time the supply will become tighter. plus analysts feel there is a higher chance of the prize coming back to reflect the fundamentals. where will those prices be? we think it will be about $10 higher than to date towards the end of the year. that is a given that the supply— demand balances. huawei says it is ready to sell it 56 technology to a western company to show it has nothing to hide. it is a massive campaign against the company from washington saying it is an arm of the chinese government. t

opec and opec plus are doing a good job at regulating the price.healthy when you do not see these spikes. annamarie: are you worried you spent so much of your career rehabilitating bp after deepwater horizon that it might just be fruitless with the climate debate, and even here in london the royal shakespeare company decided to drop bps its corporate sponsor. what is your reaction dollar of this? bob: this new environment will create lots of opportunities for companies that adjust to it. people want an instant solution on everything. -- are investors wants to do lots of things. we will be leaders in this space. the energy companies of the wind and solar and biofuels, we have thousands of people working on that. it is part of a transition. i think bp has a lot of opportunities. annamarie: what is your advice to the incoming ceo? bob: he will do a great job. he has been with the company. he knows it inside and out. it will be focused on the fundamentals, bring your team together, and be dedicated to the job. bp has a great foundation around the world

opec has been talking about reducing production in order to shrink global inventories, but so far thatn talk. right now, if you like we are in a value range for crude oil, waiting for the next shoe to drop, whether that be opec cutting production or an attack somewhere, or escalating global tensions, or simply a slowing global economy could break us down through lows. it looks like we could have upside potential, but we need some sort of spark to do that. the attacks on saudi arabia were not enough. we are waiting for something else. vonnie: we have to leave it there. that is ted seifried. thank you so much. i want to point out as well, soybeans are trading unchanged despite all the china news. guy: coming up, we are going to unpack the latest brexit in trade tensions with our panel. former u.s. international trade commission are jennifer anne ceo and chief market strategist for longview economics chris watling will be with us. this is bloomberg. ♪ guy: we could have a brexit breakthrough. u.k. and eu negotiators in brussels reportedly closing in on a draft deal, potentially by the end

and opec plus are doing a good job at regular in the price.he world is healthy when you don't see the spikes. >> are you worried that you spend so much of your career rehabilitating bp that might just be through this given the space right now with the climate london,nd even here in they should expect company decided to drop bp as its corporate sponsor. >> this new environment is going to create lots of opportunities for companies to adjust to it. people wanted instant solution on everything. our investors wants us to do different things. we are going to be like other companies, leaders in this space. we do wind and solar and biofuels and thousands of different people working on that as part of a transition. i think bp has lots of opportunities. >> what is your advice to the incoming ceo? >> he will do a great job. he has been with the company and knows it inside and out. he will be focused on the fundamentals. bring your team along together, which he will do and he will do it great, just be dedicated to the job. bp has a great foundation aroun

prices are already up after opec said it could take action to balance price cuts. intention inestor day two of the negotiations in washington. meet the viceo premier at the white house. are we expecting any kind of deal? the talks are going very well, although the expectation has been low. thursday's meeting was better than expected in, raising hopes a mini deal may be agreed, including a promise from both sides not to devalue currencies to gain a trade advantage. >> trump has made a series of comments about trade talks with china. >> i am meeting with the vice premier at the white house. i think it is going really well. hopes tradebrought tensions may be eased. trump has been trying to reshape u.s. china trade relations through pressure. the u.s. has slapped tariffs on more than $360 billion worth of chinese goods. china has replied by raising billion worth of u.s. goods. the 13th round of talks comes days before ththe u.s. planned o extend tariffs to almost all chinese imports. there is hope for a deal, although it could partial. involveagreement could currency,

trump tweet his disdain for what opec was doing.o to opec again a year later. are we pushing against uphill because there is so much american crude hitting the markets? >> i do not have a problem with that. the world has changed. it has been turned on its head over the course of the last five or six years. 15 years ago, they told us we found all of the oil and gas there was in the world. now we are awash in the united states happens to be the one who developed the technology and we are reaping the benefits. the world is reaping the benefits. cheap energy is a good thing for the world. finding the right balance were those who produce it can make a go of it and keeping it at prices where the consumer enjoys. >> if i look at the construct of opec, it is not the cartel it was of the 1970's. the secretary-general says he has extended a formal invitation to the u.s. the u.s. participating or joining at any level? >> not really. i do not think it is part of the future. that was manus cranny with rick perry. let's give you a preview, a very

arab terrorists attacking opec, the headquarters of oil power.there is no certainty, but there is plenty of speculation, that one of those terrorists who raided the opec meeting in vienna be europe's most wanted fugitive, carlos sanchez martinez, also known as the jackal? >> this is the clearest news film of carlos that so far exists. that's him breaking away, answering a call from near the plane. >> carlos the jackal i think had a real flair for publicity, becoming arguably the best-known terrorist of that era. >> but who is this man known to police as carlos ramirez sanchez? who was paying him? what is he after? and how many members in his group of terror? >> carlos is thought to be a venezuelan in his late 20s, moscow trained, politically motivated, and wanted by france, holland, britain, and now austria. >> he crossed frontiers on six forged passport on planes, spoke spanish, russian, french, and arabic. >> this is a face for international terrorism. here's a venezuelan working with the palestinians, allied with the germans. >> he was a gun f

saudi-russian cooperation is far more important and saudi arabia and russia make the decisions that opec basically ratifies them and this is just an amazing accomplishment that putin has achieved. moscow boasts that unlike the u.s., it has the ability to talk to all sides in the middle east's various conflicts and it won't talk to iran, assad and hezbollah and that russia can and therefore russia is in the best position to serve as a mediator in the middle east with many conflicts. moscow has wanot exactly resolv any of these conflicts and there's been no equivalent of a camp david and if moscow ever managed to achieve this it would be a real feather in its cap, but what we've seen is there has been so much activity, in other words, that people in the region take it very, very seriously and that the u.s. in a certain sense has been marginalized in the diplomacy of conflict resolution and that diplomacy hasn't been successful so far. so this is also a tremendous success. and all these different things that he's managed to do and to me, what's especially amazing is when you think of the su

make or cent said resolutely remark to the broader market that i'm already done so therefore my last opec address to do so in the back where i still head for our marketing at that happy hour if i know how to do you have i think back then but i'm having a concert in my pin number having that on this show that i said last. night i got my program that's real now from enough in this book i will not. know how from the f.n. . know what you believe in a moment when you really learn how to be a camera keep that. hunching down. one of those you can see about a sting. and those. that will know what it is you have no i'm. glad i lack the guts to ask. really gotten. it consisted of because they didn't know him leprosy falcao family that having. him but only in my case some of the pic he hangs on the. nk. but i thought a lot of i thought. when i know how much he 100. got just a little bit he went to your. stunning in the constant. but not being the infinite this approach. he fully meant that i am better that way to you and the reason simply. if you can remember one or the lot of that they don't dance

anna: what do you make of the role of opec and all of this?etary-general that they would do whatever it takes to prevent a slump. but they still in a position to do whatever it takes? >> i think they are struggling. have beenusly supportive and have received help from the complete collapse in venezuela and the continued reduction from iran. but overall, they have to continue to keep tight production over the coming years. theher they can keep compliance at a strong level for russia compliant as well. if we see the growth in u.s. share production, we will see it slow a bit. is still bullish in terms of the outlook. for the tanker attack, we should also focus on the monitor report. anna: thank you very much, head of commodity strategy at saxo bank. thank you for joining us with that analysis. another breaking news story is what is going on in the publicis.-- they lowered the outlook for the second time in three months and are suffering from a long lack of spending they struggle to push into digital market. -- marketing. another setback but there

liz: let me just say something about opec, because i don't think it's clear enough particularly on ourner. the secretary-general said opec plus -- that means russia -- will do, quote, whatever it takes to prevent a slump in prices. i mean, that's -- >> yeah, he said that today. and believe it or not, saudi arabia and russia are meeting on monday, and saudi arabia announced that they're going to try to get the ipo done on thanksgiving to keep up their tradition of ruining the u.s. holidays. liz: all right. john corpina, it will be a rough ride between now and an actual signing of a china/u.s. deal. i mean, we've watched this thing, it's like a retractable pocket knife, right? it goes out, it goes in. there's a deal, maybe, maybe not, not sure. but until then, is there a way to be where the soccer ball is going to be versus where it is right now, and you say, all right, this sector i like and that a name i like? >> yeah. so i think if you lookvell, yes. this has been a long, drawn-out soap opera. i think at the end of the day we're going to see some resolution. we're going to, hopefully,

.-- take a look weeksg the most in three after the opec secretary-general said its members and alliesncluding russia would do whatever it takes to stop another oil slump as the global economy weakens. amanda: one story we continue to watch every detail of our the re the brexitoua negotiations. they found what they called a pathway to a deal. no specifics on things like a custom union. you can see some enthusiasm for the idea there are hopes for finding a way to a deal. shery: it seems president trump is hoping the 13th time as the charm in trade negotiations with china. high-level talks resumed today in washington. is jenny the latest leonard who is with us from washington. there has been this question of a partial deal. what might be on the table as we go into this. there haveigns that been backwards negotiating going on? >> it definitely feels like a. if you think back 12 hours ago, the chinesesure if delegation was only going to stay through the whole week. now we know president trump confirmed there will be a meeting between him and the vice premier in the oval office. when you th

>> typically, our production is guided by the government through opec.nk to replenish the stoxx, you're going to have you're going to have to? >> we use the inventory. our inventory plan is to build our inventory to ensure our smooth operation not only in the kingdom, but also we have storage outside of the kingdom, and to ensure that has been fulfilled with customer requirements. manus: is that the real priority? to replenish the stockpile? >> we want to go back to the normal levels so we are not really building inventories, we're just going to the normal level we have been in. manus: when do you think you will get back to that normal level? >> i think we will cover that in due course, not so long. it will not take us that long. manus: if we are at pre-attack levels in terms of production, can you update us on the supply that you are shipping for exports? what is the percentage of that -- let's call it almost 10 million barrels -- how much of that are you exporting? >> in september, about 7 million barrels per day. manus: is that very comfortably done?

interesting the opec plus back 2016 with saudi arabia where they have become very crucial in. controlling the output of oil and the russian using and as you to replace the americans in the middle east. well russia does see itself as a kind deaf successor to the soviet union and that does see itself when a kind of standoff with the united states not only in the middle east but then many other parts of the world around its border other parts of its borders yes russia does not have the keep a bill at these of course to going into a kind of agree court how agreement with the with opec and primarily the saudi arabia is important that's a practical move because russia wants to maintain a stable price of whoa the saudis need it the russians need that without that the russian state would cannot function if they were force again and price very magically but they're making him using energy to find if take over the entire region that's not in russia's reach i don't think anyone here in moscow has such ambition thank you good to talk to you. as we have to leave it there thank you see n.t.

that is one of the big questions i asked a lot of opec and o let -- opec plus ministers.t are the growing risks to growth demand? all they have acknowledged there is this gloom and doom, they were not ready to signal a change in strategy. take a listen. >> about some forces we are seeing. >> they are not focusing on supply. >> i'm sure demand will be growing. >> we will be able to take a decision to reduce or increase the production. however, a gloomy picture. >> how soon we will leave the volatility of 2019 behind? >> we will have to stay and watch how things develop before we react. >> it calls for our meetings to take any decisions. >> the biggest question facing this group is what to they do in the first week of december? is the status quo deal enough? are they going to have to cut deeper? coveringmarie hordern oil. the r.b.i.looking at decision coming in the next few minutes. china has found its way into donald trump's impeachment saga. the president called on beijing to investigate joe biden and his son publicly on television. he claims the bidens may be the reason

make or cent said resolutely remark to the broader market that i'm already done so therefore my last opec address to do so they're actually. help or our market here that i don't know how to do you had that back then but i'm having a concert in my pin number having done that on this show that i said last. night i got my program that's real yes that was not from enough in this book i will not. know now from the f.a.a. . well you. know. when you really learn how to be a camera that that's actually. one of those you can see about racing. and those. that will know where that is you have no i'm. glad i lack the guts to ask. really gotten. it consisted of because they do you know hey listen falcao family that having. the home. some of the pic he hangs on the. nq but i thought a lot of i thought of communion when i know how much he 100 m. this is the. first of the 80 when i go. so it's going into the constant. but not being the infinite this approach. he fully meant that i am better that way to you and the reason simply. if you can remember one or the slow lot of that they don't dance there. we'r

>> typically, our production is guided by the government through opec.eplenish the stocks, do you think -- >> the stock is the level we feel comfortable for our operation. for inventory plan is to -- not only the kingdom but outside the and that that is fulfilled with the customer requirement. manus: is the priority to replenish the stockpile? ibrahim: you want to go back to normal levels. we don't want to build inventory. manus: when can you get back to the normal level? ibrahim: with healthy production, we will cover that in your course, not long. pre-attack levels in terms of production, can you update us on the supply you are shipping for exports? the percentage of the -- let's call it almost 10 million barrels. how much of that are you exporting? ibrahim: in september, around 7 million. that is for international sales. this is meeting customer requirement, allocation driven by supply and demand, oil pricing and all of that. have you had to buy much product from the open market to supply euro refining? that is another story we have covered quite a bi

that saudi arabia and russia makes decisions and and basically opec ratifies them.this is an amazing accomplishment that putin has achieved. moscow boasts unlike the u.s. it has the ability to talk to all sides in the middle east there is conflict. the u.s. can't talk with iran, with assad hezbollah but that russia can't and therefore russia is in the best position to serve as a mediator in the middle east, many conflicts. so far we have hit a lot of diplomatic activity. moscow hasn't resolved the conflict. there's been no camp david accords anything like this. if moscow ever manage to achieve something like this, it would be a real feather in its cap. but what we see is there has been so much activity, in other words, people in the region take it very, very seriously and that the u.s. and a certain sense has been marginalized in the diplomacy of conflict resolution even if that diplomacy hasn't been very successful so far. this is also a tremendous success. there's been all these different things that he has managed to do and i think what's the special amazing is w

words, if we see if there iseclines a price at which fracking make much sense, do we see help for opecause of it? to wait and see just how much the oil production in the u.s. is affected by this drilling and fracking because as of so far roughly 19% drop of drilling in the permian and yet production has still held flat a question of as we get better and better at drilling and faster, how much do you to take off the oil rigs for oil production to be affected? atause we're getting so good getting oil out of the ground that we don't need as many rigs as we did back in the 2014 boom time so it's been really challenging to see when you would actually see u.s. oil by thison affected cutting in oil activity in the oil fields. >> right, and you would have companies and even the hospitality and the healthcare industries would be able to forecast this a little bit better, but clearly, it's not an easy thing to forecast, david. seeing a migration from the permian basin yet? we're talking about 55 million here. >> yeah, i don't think we have evidence yet that we're seeing a the permian as far as o