steve sedgwick is standing by in london. he is just back from that opec meeting. steve, this caught the markets by surprise. >> yeah, becky, we were talking about it in the hours beforehand, as well. we started getting the feeling tuesday evening when the russians came in and then out. the russians delivered nothing in terms of adding to the cart which were hoeg hopeful. then it came to the meeting on thursday. there were some pretty tense talks between venezuelans, israelis and saudis beforehand. the venezuelans thought they would have a production cut, i'm pretty sure of that. basically, what it came down to in the end, he ever producer wants less oversupply on the market. they want the price back up again. they want $100 a barrel. but nobody was prepared to do it, so it fell firmly on the shoulders of mr. naimi and saudi arabia. he said no, we did not create this problem. the nigerian minister spoke to me. she's the new president and she said it's not just opec who have got to share the burden. listen in. >> very clear. we are all in this together. it's not just

cnbc's steve sedgwick joins us from london.hat does this mean for all those five automakers just mentioned and how important is this for people out there with these cars, to be paying attention to this and get them in to get promptly fixed? >> reporter: on the latter point as you mentioned, places like puerto rico and florida, they've already had their recall notices. nationwide, this scale is absolutely enormous. the automakers, ford, chrysler, mazda, bmw and honda as well. what is interesting is the u.s. car industry should be in a sweet spot at the moment. the auto sales are absolutely fantastic. we're back to 2007 levels and the kind of levels we saw at the first part of this century. in 2015 we're looking at 16.7 to 16.9 million cars. that's a fantastic number, way better than we've seen over the previous six years. you would think the share prices of these companies would actually be at highs given the fact we'll talk about the s andp record high in a short while. i did work on ford which closed yesterday evening at $15.5

steve sedgwick joins us live with more.hat does this announcement mean for youtube and for the other music creators out there in this marketplace? >> sure, streaming has been great for the consumer. it's legalized free music. now they are saying we want better revenues and provide streaming services like youtube having to up their game and give music industry something back. we have had a recent spat that you and i talked about between spotify and taylor swift. for $8 per calendar month, apparently you can get rid of certain things including ads and other things like extra services as well. the most recent deal on a particularly arcade fire and. vampire weekend, which i understand is some of your favorite bands. moving on apple has their own music service as well. record shares. these shares are trading at $111. the viewers who know this, that's not that much, but they had a 7 for 1 stock split. basically the iphone 6 despite bendgate, has been going great. and many things including the ecosystem as well and the apple pay,

back to you. >> steve sedgwick in vienna.meantime opening bell about to ring at the exchange. a look at the s&p at the top of your screen. at the big board, the 88th annual macy's thanksgiving day parade, that is santa claus. this year sandra lee at the podium. we'll speak with the executive producer of the parade in few moments. over at the nasdaq, adma buy logics. >> i don't know -- >> more exciting for santa or miss usa. >> yeah. >> down on the floor. >> looking at the ball kofi a little more. >> -- balcony a little more. >> good combo. >> we'll keep a close eye on the names we mentioned. john deere in focus, 1.83, does beat 1.57, revenue ahead but warning on sales for 2015. sees income of $1.9 billion. that implies 535 to 550, street at 634, dramatic miss if that happens. 20% decline in farm sales as these farmers and their incomes -- >> it's corn and soybean. the prices have fallen over the last two years. you saw it with adco when they reported recently. i don't think there's any surprise they're down. >> depend on the

. >>> of course, still to come, our own steve sedgwick heads into the opec scrum. let's hope he has better luck than he's had in previous years. >> mr. niami, could you tell us if you've got a court between members? there you go. that was the saudi oil minister. he normally doesn't say much on his way in and once again he doesn't say much on his way in. do you think opec has spare capacity? >> i don't know anything. okay? >>> hi, everybody. welcome back. i wanted to get you up to date with the latest on greece. we're hearing that the pretty prime minister says the bailout could be extended for days or weeks beyond the end of the year. it was thought they were likely to extend this bailout after talks recently failed. we've seen the euro drifting lower against the greenback. we've had weaker u.s. data stateside and a very thin trade today, of course. happy thanksgiving if you're just joining us. meet mac and cheese. these turkeys, they are not destine for the dinner table as they have received a white house pardoning. an online vote receives america's next turkey. p

opec secretary general spoke to steve sedgwick in vienna who began by asking about oil prices at three-year lows. >> it is a decline in price. you see how much is the -- all the supply and demand, much more than during the day. there is as much to a 28% decline. >> what do you think it is, it's three years of stability, haven't we? >> yeah. we have had more than thee years of stability. we don't see any nagging from anybody. but maybe i think we are looking at the tradition. >> i'm interested that you said that. you and i haven't spoken about speculation for a good three years plus when we saw this huge escalation down to $40 a barrel, up to $49 a barrel. you and i think a lot about speculation. we haven't recently. why do you think there is a speculation of that now? >> i really have no idea. the time spent is not that long. we have to look into this very carefully. it is there, but to be on the positive, it will be okay. but at 208, price of $147, we're looking at the time, why you have this one. you know, there was nothing from that. now, at the same time here, we have this problem. mayb

steve sedgwick now back in london after speaking to various ministers about whether opec could cut production>> my major take away, like every kid in the classroom, this is the best prank going and then they go back to the classroom and they said, is it just us in the prank? no one else is doing it? and then they said we're not doing the prank, it's just i you in the back. and then he turns around and says, no, i'm not doing this prank at the moment. every producer wants to cut production. every producer wants $100 a barrel. they think that's a stable price, a ir if a price. but who is going to do it? the russians came to town and said it's not us, i'm afraid. u.s. shale holders, no, we're going to produce more and more. and there are other producers like the iranians, libya, this is down to you. saudi is turning around saying, no, why should we lose market share? and he said we did not create this oversupply. it's a good thing having more product around. but the fact remains, we didn't start the fire, why should we be the ones to put it out? >> in reality, what the saudis are trying to do is

. >>> now news about two ledge endary investors and i'm not you can talking about steve sedgwick and geoff cutmore. i'm talking about mr. soros, a sample of approval from the depar temperature from pimco. the amount double tess money he was managing in his fund. bill gross saying on his twitter account it was, quote, an honor to be chosen. for more on this story, check out our website, cnbc.com. >>> japan's lower house of parliament was dissolved and a general election has been scheduled for december 15th. cnbc has the story live from tokyo. >> the election will gauge voters in confidence in abe's economic policy and shed light on whether the public supports his decision to postpone the tax hike by 18 months. abe's priority is to shake off the mind-set. this will lover the tax rate in tokyo. our problems call for reducing regulations. meanwhile, koroda has said four times this week that he expects the government to establish a sustainable fiscal structure. the ruling liberal democratic party has pledged to implement the second tax increase by april 2017. the upcoming debate will be m

steve sedgwick joins us now from vienna this morning. steve. >> yeah. andrew, it's very interesting. the russians and mexicans have been in town. if you add all all the barrels they produce, we have about 50% of supply represented. the russians and mexicans are not here now. they didn't get a deal. but everyone is trying to think now, is opec in trouble? this is the most important meeting because opec is losing control of the market. i have another tone of thought four and we're going to give you that after you hear from the iranian oil minister. >> all the supply in the market, all the -- to some investors, the market -- production to the market. >> so, look, that's the iranians. they're admitting we're oversupplied and it's going to get worse next year. the iranians themselves are desperate to put more on line with the market. we didn't get more this week with mr. kerry in vienna. but the point is here, the last thing he said is some believe the situation will put pressure on some investors to leave the market. who is he talking about? i think he's ta