historically opec-plus or opec actually was reacting to a collapse in prices.ut we are not there yet. we are looking at prices of $80 and $90 which are high in my opinion. dani: not only is demand week, it is still a tight market. there is a season-long regional crude spread. demand has been resilient. what does it mean they are breaking precedent and cutting when the market is extremely tight? >> there is the fact of achieving a certain price level and there is a political dimension. russia's production is resilient compared to earlier expectations when the war started. it was thought there would be 3 million barrels per day or 5 million barrels per day from russian production. the war and the sanctions are taking their toll on russian oil production. there is some political angle to it and don't forget the american elections coming. i don't think the white house is going to be pleased with any major cutting by opec-plus. manus: let's talk more about the politics. how much of a slap in the face is this to the americans and the biden administration? we are sudd

he's been begging opec as well. the same crown prince in this case that biden openly refer to as a pariah, that he accused of torturing and murdering the journalist jamal kavhogghi. opec says they will be reducing oil production by a whopping 2 million barrels a day that will reduce supply and increase the price of the a barrel of oil. this is not only deeply humiliating for joe biden and the u.s., most importantly, it is painful to millions of americans. now, gas buddies, patrick is predicting opec's decision today will drive passes up to 15 to 30cents per gland. look at this, $5 in reno. $6.42 in california. that's average. $5.47 in oregon. $4.51 in arizona. and here we go again. this year alone, american families, they are shelling out a whopping $7,200 to cover cost associated all due to biden he is inflation, recognizeless spending -- wreckless spending. $7,200 per household. this is beyond devastating to the poor, the middle class and, of course, it's clobbering those people on fixed intcomes. but remember, no

that shows you there's a solidarity between opec and opec bus that is not going to dissipate.llenge in terms of where you cut the gaps. i pushed him and pushed him. go listen to the interview. again, it was about delivering the standard answers. was it on the table? it's not top of their agenda. that was the one upside i took away from it. preemptive, proactive is what is going on. that's not the message he wanted to convey. dani: you teased our viewers with the political drama. take us into it. what has been unfolding since this decision? manus: yeah. i was sitting in the bunker last night. suddenly this thing lit up. it was the jake sullivan, the president is unhappy. the jake sullivan memo is incredibly interesting. it brings into play trifecta. there's a kid going to school. he's not going to get there. gone. what you've got is a risk of exports being stymied. you have the risk of no pack which is the ability to sue a sovereign nation who is a part of a plaque. -- opec. that's a real issue at play. the more important issue is the unnecessary cuts. the white house not only

. >> and oil extending after opec agrees to the largest cuts of 2020. the u.s., slamming the decision as shortsighted. >> we can see at the start here snapping a two-day rally. what is driving that is this coming back into the markets now that this narrative had been building toward the peak of rates for the fed. -- what's really driving that is this broader understanding coming back into markets now that this narrative that had been building at the peak of rates for the fed are the major central banks, that is really overdone. we are not nearing any sort of policy pavement. that is being reflected in what we are seeing in yields this morning, looking like this. particularly seeing the moves in the long-duration 10 year. also a sign of recession for years generally that remain front and center for traders. let's take a look at the broader markets. we do have the kiwi stocks already trading this morning in the red. the chicago nikkei futures, looking like this. we could still see the market trading lower at the start, was not the most liquid contract. we

people will know, see, so the arabia and the core members of opec, an opec plus, cooperating with russia and raised the oil prices? well, with the simplicity of david will be the view there. do you went to twisted to, to your end? fine, it's your prerogative. it's your right it's. we been what we've been collaborating with opec plus countries ever since december 2016. so it is not an accident of, of mutual convenience if you could call it wasn't the only exchange between the saudi energy minister and the western media. the official refused to answer questions from reuters, and he accused the agency of disrespecting saudi arabia and spreading inaccurate information about the country's policies. they was referring to an article based on anonymous sources, claiming oil price collusion by ria and moscow. alex solo from reuters news agency . i had 2 questions. the 1st back lennox. i have to talk to you about joe. yeah, i got it wrong. okay. i knew you hadn't got it wrong twice. you did or did not do a proper job. you talked about that i sure doing this and that and actually the day that your

joe biden, no one the biden. opec. when you start begging, you know, the gulf states, when you start beg, middle eastern countries have changed their already declared policies. it's an act of desperation. it's an act of short sighted foolishness. when the solution is literally right in your hand, the relationship in the us and gulf states has not been particularly good at any point in recent memory. we have regimes that are propped up by the united states, but still resent the united states for their infiltration and meddling. so it's not that the that the relation has gotten considerably worse. they just weren't very good to begin with with bite and try to convince them to change their mind. it's really showing that he himself is unwilling to change his mind. all that would need to happen to end the fuel shortage is to get rid of all the sanctions that prevent american companies, individuals from buying fuel. if biden was simply changing his mind, then he wouldn't have to beg saudi arabia to change their minds to the

it tells us opec - producers _ months ago? it tells us opec - producers and _ months ago?plus producers and oil producers issfss’ij as producers including rush as part of this group, they are going to prioritise what they have always prioritised, stability of prices, united states was the opec of the world from 1932 to 1972, texas was the equivalent of saudi arabia and they took steps that sometimes were deeply unpopular in the rest of the country in order to keep oil prices stable, because the alternative, to opec plus managing the oil market, is worse, it is opec plus not managing the oil market, you get the wild crude oil price volatility, which in their view and rightly helps nobody, produces, consumers, or anybody. produces, consumers, or anybody-— produces, consumers, or an bod. , ., ., anybody. great to get your analysis- _ and later, we'll be getting the view from new york on the decision to cut production. that's in around 30 minutes' time. let's get some of the day's other news. in ukraine, president volodymyr zelensky has repeated that ukraine's counter—offensiv

now the ar cut is completely offset by the opec production cut. the s p r really says it's completely offset. the us obviously has the option of increasing the pace of the stocking. i don't think would be necessarily a wise idea. it would deplete the reserve and it would not really serve any purpose . not bring any benefit right now, but it's an option if the market gets to tight and no peck bill, the so called no peck bill that's being considered in the, in the us right now. could that, could that become a law? and i mean what, what difference will it make, i mean, is, is it going to affect opec's dominance on the, the energy prices isn't. there's clearly an apple in washington, a sense of her to sense of pain and her an eagerness to examine what kind of policy twos, but cannot measures, could be taken to express displeasure. and no back is it is it is one of those 2 was is, is a bit ironic because it just 2 years ago, everybody in the us was begging opec to catch apply from the president to, to producers, to local authorities. and was willing to

the biggest story of the day is opec. manus cranny is on the ground in vienna with some great interviews, he was the first one to speak to the russian energy minister. brent crude trading at 93.12, watch out for anything in terms of a spat between russia, opec and the u.s. the cac 40 opening up, the ftse pretty much unchanged. we are seeing gains for the cac 40 and the ibex in spain. cross assets, the one thing we always watch for, it's what we are seeing with the u.s. 10-year yield, 3.77. the overall action yesterday appear to rethink the decision by opec to reduce daily production by 2 million barrels. i'm surprised by what the markets are doing now because if you reduce by this much, what is opec no that economists don't? oil is trading higher after an action-packed 24 hours. opec has cut by the most in two years, earning a review by the white house. president biden said to be disappointed by the shortsighted decision. >> we are disappointed opec made this decision. as the president mentioned, we think it is unnecessar

can they do about crude product exports, or can they leave opec -- can they lean on opec+?bout them a little bit. cross price action, let's have it, lisa. lisa: you know, tom is onto something, as well. there is one name and one name only in the markets, twitter. just to give you some sense, though shares popped funny percent as elon musk came out and said, you know how i was -- popped 20% as elon musk came out and said, you know, i am still in, let's go. that left bank scratching their heads and saying, what does that mean for us? shares dip a little bit in premarket trading, but around $52 a share. still a discount to what it would be if he does complete the sale. let's talk about why there could be uncertainty. it has to do with the debt market. banks are holding on to 12.5 billion dollars of financing commitments for the deal made in april. let's look at yields. tom: great chart. lisa: from april to now. in april, about 6%. now they are close to 10%. and they are moving vibrantly, but this is on average. the lower rated credit is even more dramatic. how much can the ban

opec was an organization a year ago, year and a half ago, where they were talking about, opec is deadthe uae and saudi arabia are fighting the organization has outlived its course and is done we're seeing the saudi minister arrive, the russian minister arrive, by the way this is opec saying, not only are we aligned, we're aligned with russia. u.s. is going to be very upset about that but also that we are in charge of at least half the global oil market this is, unfortunately, a direct rebuke to the white house who, by all reports, kayla tausche reported the same, was trying desperately to stop this production cut it's happening, guys, and it's happening in a tight market. i have never seen a cut when the market is as tight as this this can only be seen as sending a pretty loud message. >> so many cross currents here when you look at energy stocks, brian, up 9% over the past week, 10% just since the start of this week on this move in crude prices, what does this mean for oil and gas stocks, and of course, what are u.s. oil and gas executives saying? i think back to 2015, 2016, it was a

people will know, see, so the arabia and the core members of opec, an opec plus, cooperating with russia to try and raise the oil price. it will re simplistic. i know that a debit will be the view there you went to twisted to, to your and fine. it's your prerogative. it's short, right. it's when we been collaborating with opec plus countries ever since december 2016. so it is not an accident of, of mutual convenience. so how far has the west on with it, sanctions against russia? well, a month ago there was a decision by the g 7 countries to impose a cap on russian oil. now the european union countries were supposed to accept that decision to, but that was when moscow said loud and clear that it will simply stop supplying. busy all to the countries that sign up to these policies, to query nathan, it's an absolutely stupid decision. if you were, somebody tries to implement it, it will not lead them anywhere. there are contracts obligations to ensure supplies neighbors. it. i wonder whether any political decisions contradicting those contracts are to be made i should be if so we would simpl

opec make _ make a difference? i do not. opec make the _ make a difference? i do not.ons of| make a difference? i do not. - opec make the decisions of what they take their decisions on. we have seen itjoe biden try to increase relations with members of opec and saudi arabia but that has not necessarily resulted in any changes in the way they seem to be dealing with policy or decisions taken. i do think that what opec are looking at is looking to take, to increase stability of the price and what we do know is inventory levels are very low for oil. they have cut before when inventory levels have been higher than they are now. higher oil prices is the last thing that a lot of countries need right now, however. countries need right now, however-— countries need right now, however. nice to see you, fiona, however. nice to see you, fiona. see _ however. nice to see you, fiona, see you _ however. nice to see you, fiona, see you again - however. nice to see you, | fiona, see you again soon. the international monetary fund and the world bank both held their annual meetings last

the 13-member opec deal and 10-member opec plus nations extending the deal for another year frank. it is russia aligning with russia for another year. at 8:30 p.m. vienna time last night, we had the ability to sit down with prince abdulaziz bin salman they are not blaming the federal reserve for inflation, but they certainly indicated the fight against inflationand concerns that central banks have about the economy is one reason why they proactively cut output. listen >> of course, any central banker would like the best of two worlds attend to inflation and continue growth with this that you see, you run a big risk that you lose growth. what is happening now is coming and we see and show the trajectory or this -- these things we presented that growth is coming down and there is a potential with more aggressive rate hikes and this growth will come low >> reporter: you can see they are worried about glorowth. some will think it is more politically motivated. the full interview is on cnbc.com look at the headlines, dan on cnbc.com saying it is a blow to washington the wall street jour

so i'm opec, and now the opec plus alliance has never cut out. put this much in this quickly. why now it might seem surprising. it's much more proactive cats than we've seen in the past. if you look at her satellites or imaging over inventories today, there's no sign of overhang. there's no, all the supply to the stocks have been fairly flat for the last few weeks. but i think this concerns that they are going to increase. there's concerns about the looming we session. and the fact that stops have been flood might be seen as a warning signal because normally stocks globally tend to decrease in september in october. so it's a. ready somewhat surprising it's, it's unusual for opec to cat supply in the, in the face of a recession. typically, the language is more that the opec is willing to take a price cut to have the economy. but it's understanding and i think most people who are watching balance is supply demand mattresses. we are expecting a fairly significant cut, obviously is taken the u. s. government by supplies for our pike passed says it's trying to get ahead of the curv

opec+ will cut out but by more than a million barrels a day. plus, investors it can surmount market turbulence as shares fall to a record low and default swaps search. francine: ftse futures down 1% but the big story is the reversal of the 45% tax. treasuries showing general market anxiousness but traders are paring be a we rate hike bets after that reversal. tom: do your point that market traders are starting to ease bets, online to reverse course on the 45% top rate of tax. we are waiting on more reaction on birmingham. currently the ftse is down around 1%. globally, you have seen three straight quarters not -- now of losses, the first time since 2008. today additional concerns about the inflationary impact of opec+ 's plans, reporting says they could cut by at least one million barrels. the most since the pandemic, feeding into recession ears. -- feras. the spanish ibex a drop of 50 basis points. let's see how things are playing out across currencies . that focused -- the focus is on the pound, currently trading at 1.11. it is range found af

lower oil prices is what we want that is obviously not what opec wants.ke no bones about that. what they do say because they don't like to talk about price, dom. they want stability. he actually chose natural gas and coal and lng up 60%. o oil is up 2% from the invasion of ukraine from russia they are looking at stability. we like to see lower prices. they want to see stable prices see for yourself >> big interview there go to cnbc.com and check out the inte interview. brian, thank you see you later on. >>> coming up on the show, biden administration taking steps to crackdown on china access to computer chips we dive into the investment risk tied to bay eijing we're back after this. you need a bed that's smart enough for both of you. the sleep number 360 smart bed senses your movements and automatically adjusts to help keep you both effortlessly comfortable. our smart sleepers get 28 minutes more restful sleep per night. don't miss our weekend special. the queen sleep number 360 c2 smart bed is only $999. ends monday. my finances were all over the place.

the united arab emirates, along with russia and saudi arabia are a key opec, plus member and all opec members were under fire last week for agreeing on a production caught of $2000000.00 barrels a day, which saw prices climb. most of the anger came from the us, where the president joe biden has been desperate to keep fuel prices low. in fact, it's been widely reported that american diplomats ahead of the opec plus meeting in vienna put an enormous amount of pressure on oil, which gulf countries the goal was to force them to refuse the production caught. but it didn't work. and there you have, it's the president of the united arab emirates in saint petersburg talking about the strengthening of ties with russia. it only shows that at least from now, arab countries are nowhere near the ranks of russia haters. well, i mean, while washington is looking to rethink its time to saudi arabia, after the kingdom chose to back opec's decision to reduce oil production by 2000000 barrels a day. many democrats, the calling for an immediate stoppage to weapons sales to re add. i think the presidents

people will know, see, so the arabia and the core members of opec, an opec plus cooperating with russia one raised the oil prices? well, with the simplicity of a debit will be the view there. do you want to twist it to, to your and find it's your product of its short, right. it's with what we've been collaborating with opec plus countries ever since december 2016. so it is not an accident of, of mutual convenience if you could coordinate. this is not the only exchange between the saudi energy minister and the western media. the official refuse to answer questions from reuters accusing the agency of disrespecting saudi arabia and spreading inaccurate information about the country's policies. i like solo from reuters news agency. i had to christian specialist lennox. i have to talk to you about. sure you got it wrong. ok, i knew you hadn't got it wrong twice. you did. i did not do a proper job. you talked about that i should doing this and that. and actually the day that your story came out. no one from marsha talked to me nor i talked to anybody from russia. you repeated that again with

rush as a part of opec. saudi arabia is siding with russia. this is something that an accusation that rings very loudly within the united states, but it's not only coming from the bind in administration. there's also been some voices in congress, although congress is closed at the moment. but still some have been making their point clear in particular, chris murphy, a prose ally of president biden, a democratic senator has made very clear his belief that saudi arabia has stabbed the us in the back by taking the decision along with opec, saying that one of the reasons why the united states maintain the relationship, the saudi arabia, despite allegations of human rights abuse, despite that ongoing war in yemen, was because it relied on saudi arabia as an ally only in july. this year president biden visited, saudi arabia had a visit with all the country's leaders. now, some congressmen are saying that this is being stabbed in the bank by saudi arabia . that the u. s. relations with saudi arabia are going to be shot, the impacted by this decision

opec-plus, russia and the u.s..plus, the statement is out, the statement says the cuts from opec was driven by concerns about the global economy. they will sort meeting every few months in the next meeting is set for december 4. they will have meetings every six months. the targets are for december and november. they're clearly worried about the winter. you bloomberg doing an interview with alexander novak which is fascinating. the big one is if there's an oil price cap from the g-7 countries it could lead to temporarily oil output cuts in russia. so the idea is you have an oil price cap and if you're willing to buy below that cap they are able to ship it but if not, they cannot ship it. the bet was that russia would need it so much they were willing to sell oil at a lower price point. novak is calling the g-7's bluff and saying we are not can it do that. if we have the price cap you lend up seeing lower oil production within russia. we're are looking up at what the u.s. response will be. you of oil over $93 a barre

opec nations? the russians? to manipulate an election? >> clearly, joe biden was attempting to collude with multiple form powers to interfere in america's election. it is as clear an example of corruption as you will ever see. what makes it all the more humiliating and debasing for our country is that when donald trump was in office we were energy rich, we are energy abundant, overflowing. we have more energy than we knew what to do with. and joe biden forced an agenda of energy poverty on our country, energy dependence on our country. now we have the spectacle of the president going around the country like a popper, begging and pleading and scraping for energy from foreign powers because he will produce energy here in all of her people suffer every day as a result. >> hannity: the media mob only cares about any story that doesn't expose the radical climate cultist agenda. so they're back to january 6 in the grand crescendo today is work in a subpoena donald trump and they all know well that donald trump is never going to appear before th

people will know, see, so the arabia and the core members of opec and opec plus, cooperating with russia to try and raise the oil price. it will realtor simplicity of david will be the of you there. do you went to twisted to, to your end? fine. it's your prerogative, it's your right. it's with what we've been collaborating with all of a class countries ever since december 2016. so it's not an accident of, of mutual convenience if you could, could. and this and decision by the autopay plan, scrapers that comes on to the hours, if not just an hour after the new batch of sanctions was announced from russia, which included that oil price cap. so talk us through how these sanctions on russia are affecting the country. well, our 1st of all, i want to tell you that 1st came a decision by at the g 7 countries on the russian or prize cap and came a month ago. and it was meant to be accepted by the ear countries. but at that was the time when moscow said loud and clear that they simply will stop selling oil altogether to the countries that sign up to that policy bill is to pull your dish in is unl

williams, the saudis, as royal back stabbers following the opec plus decision to splash oil output. reorder those to us is fully responsible for the energy prices in the country. and are ridiculous. moscow isn't buying, he as attempts to retract president going, please call for preemptive strikes on russia by claiming he was actually calling for sanctions with from moscow to the world. this is our t international. i'm rachel blevins, and these are the top stories this hour. we begin with breaking news from crimea. several reports have emerged of a large fire on the current bridge between mainland russia and crimea. the video is still yet to be verified, but appears to show fix, smoke billowing from a fire on the bridge, and the distance report say, a fuel tanker caught fire and there was an explosion. but it's not yet clear what might have caused. it will bring you more details as soon as they come in. earlier in russia, donnelly republic, the ukrainian army attacked the city of yellow vayas. let's take a look at some eye witness footage from the scene. a large fire are rapid. after 6 high

opec meeting in vienna, that will be a crucial one. we have inflation numbers out of korea, thailand, taiwan, philippines. and in the u.s. jobs report. rishaad: aussie dollar, 63, now 64. but nevertheless. always great to see you. is there anything which can possibly right now halt this, i am not going to say king dollar, but i have said it now. anyway, the strength of the dollar. >> in terms of the framework on the dollar outlook, what are fx team highlights is there are two key things they are watching. they want the fed rate hike ex petitions to peak and they want the rest of the world's growth to bottom out. on the fed rate hike expectations, as far as our forecasts are concerned it is pretty much there. but when do we see the rest of the world growth bottoming out? in terms of our team's forecast, we have that happening in the first quarter of next year. that will be led by china. china's outlook is pretty much depended on whether and when they make the transition to living with covid. yvonne: you are saying this is by far the mos

opec-plus cuts production. the white house needs a plan b. week speaking to the special presidential coordinator for global infrastructure and energy security. plus, inc. labor market, jobless claims rise while fed officials still in the drama -- drama on rate hikes. yields are higher, equities mixed. from new york, i am alix steel with guy johnson in london. rate hike versus cut scenario. over the last hour, he said the bar to shifting our stance on policy is high. cannot get more than that guy: absolutely not, but you have to ask are we officially query the fed cannot signal a pivot until it is actually ready to deliver? if it signals too early, it undoes what it is trying to do now. this is a cat and mouse game. but if you say the said speakers are almost unanimous in what they are saying, they are signaling there is no pivot. that is the message clear and simple. they are doubling down on their commitments that rates are going to go higher. >> i would like to reach a point where policy is moderately restricted. >> i see as raising to a le

wait, when opec does it, that's bad.ting gasoline prices. >> dana: loved having you on set with us. especially on the day that dagen is here. i love having fox business here. democrats ditch town for recess. will they ever put their money where there mouth is on trading stocks? nancy pelosi may be holding the gavel now but focus on hot button issues there could be a changing of the guard. warning signs are flashing for democrats. we talk politics with our good friend, karl rove, next. >> they declared war on american energy. surrendered energy independence that caused the massive inflation. gave the southwest borders to the mexican cartels. the fentanyl and crime. people have had a enough and that's why they want to make a change in november. veteran homeowners, prices are going up fast. the grocery store and the gas station alone are taking a big chunk out of our paychecks. fortunately, you've earned the valuable va home loan benefit. the newday 100 va loan lets you borrow up to 100% of your home's value, not just 80%.

we had to move to reduce oil outputs, following the opec plus decision. although your officials are even calling for the president, the cutoff weapon supplies to the gulf kingdom. the saudis need us more for weapons than we need them. prison biden should make it clear that we will cut off weapons if upper class doesn't traverse the decision to make drastic costs and production in congress. we should also explore waste to rainy notebooks control over energy prices worldwide. the white house has long praised saudi arabia as a strategic partner studying the country. a large amount of weapons, despite joe biden was pledging to make a pariah. so u. s. congress members are also calling for a rethink of the country's relationship with opec post members. with saudi arabia as actions be described as pos dial to washington. meanwhile, the saudi minister of state says that the us itself is to blame for rising gas prices. the idea that you do include would do this to harm the us or to be in any way politically involved this. absolutely not correct at all with due res

thing with apec plus is the rusher, is at the table along with opec. so is there anything that we should read into russia's involvement here because it does tend to gain strategically, doesn't it? from this decision russia is an important player, was in class and actually even why it wasn't for the influence of the producer school. and it is the 2nd largest producer after saudi arabia. it has an important influence on the group, which is also showing here to russia. and by one thing i would pressure on price is that my, it says is in most of the board, russian, oil production and russian economy. just in time when western power is going to put a price cap on russian oil exports ok. car nutler from crystal energy. thank you so much taking the time thought was on the to be this. thank you. now germany and spain have agreed on the need for a new gas pipeline across the pyrenees. in western europe. just let all of shots has been visiting the spanish port of aconia, where he discussed getting liquefied natural gas from spain to the rest of the you with prim