steve sedgwick is in vien >> reporter: a big day of shuttle diplomacy for oil ministers in vienna on wednesday. what's at stake is all the gains that have been made over the last 12 months to drag prices from the low $40 a barrel level up to above $60 a barrel. it's been a largely successful strategy for opec and their nonopec oil producing allies, including of course the key biggest player in the world, russia, which currently produces over 10 million barrels a day. they took 1.8 million barrels off the table every single day over the last 12 months. the question is how long they need to carry on doing that strategy to get the market into where they believe there is balance between supply and demand with lower inventories. we understand various options were put on the table today at the joint ministerial monitoring committee here at the opec secr in vienna but no common path going forward. paths could include a nine-monthly rollover to the end of 2018 or a review of the strategy at the half year stage well. what remains to be seen is whether we'll see accord between all these minist

steve sedgwick. >>> president trump nominating marvin goodfriend to be on the board of governors he haseen a critic of the fed. back in march he said the central bank should welcome more congressional oversight. if confirmed, goodfriend would take the seat vacated by sarah bloom raskin >>> there are several preess of econom pieces of economic data on the docket job liz claims, personal income out at 8:30 eastern. the chicago pmi at 9:45 a.m. randall quarrels and rob kaplan are also speaking today as well. what are your takes on the second tello tec selloff yesterday and whether or not it may continue. >> part of what was driving that has to do with another story you were talking about, the potential bubble in bitcoin. system of the action in nvidia and the chipmakers, where you have quite a bit of crypt to mi mining coming up, that demand is falling off so that is falling back into the semiconductors i would say there's a broader story there. >> so you think bitcoin, if it does have a collapse, has the ability to infect the rest of the market >> well, i think it's certainly leaking in a

in washington >>> oil under pressure after an iea report cast doubt over demand let's get to steve sedgwickith the latest steve? >> hello i don't think it has i will put that one out there. i don't think it's cast a doubt on demand whatsoever i was at the iea last week it was a closed shop debate i think the iea thinks demand has been robust but they've been tweaking the numbers a bit taken them down a bit. they still think by 2040, by which time i'll be a middle aged man, we'll have about 110 to 112 million barrels a day of demand. that's way up from where we are now. we're still at 95 million barrels a day. demand is robust demand is going in a positive direction, but the fact of the matter is we had a lot of factors that have takenaggressi. you, i, and kayla were talking in june about you couldn't find an analyst long in the market or an analyst who thought we were going up that's when we were $44 a barrel we rallied straight up in the last 14 days we hit 57 bucks on wti and only come off two bucks, that's despite we had the iea tweaking the numbers two, people saying it will be warmer d

steve sedgwick joins us now. good morning >> good morning.nteresting situation at the moment the non-opec opec meeting has run over somewhat, so people are thinking is there a breaking in the ranks, because earlier on we had the opec meeting which went very much to plan as far as the saudis are concerned looks like everyone within the opec grouping, iraqis, iranians, others, as well, have gone along with the saudi idea they want a full nine-month extension, which takes us to the end of 2018. that's quite a bullish scenario and why we're seeing the price rising this morning. i want to show you where i'm at. this is the opec press conference room where the secretary-general is going to be, novak is going to sit here, and the president, boss of aramco will be, as well. basically, we think we're going to get news. everyone is signed up for the deal but let's listen to what the saudi minister said about the deal there's some subtle words in there. >> consensus is almost, you know, complete there will be a decision we will announce it after the con

let's turn to cnbc's steve sedgwick with the latest from london. ing. >> very good morning to you. look, it's quite extraordinary, the speed at which bitcoin is moving. year to date, what do we think it's up, 870%. to be fair that's probably old news because it's probably gone up even more, but they broke the 9,000 level and broke 9600 at 2:00 eastern this morning. what is driving this is a whole host of new retail accounts opening up as people try to get on the bandwagon. elsewhere really interesting deal in the media space as well. meredith is buying time inc. meredith owns the better homes and gardens. time inc. is "sports illustrated" and it's the people behind it, the koch brother are providing some capital. we are told they will not have an editorial role in the new operation as well which does combine i think about 135 million readers. >>> thousands erupt -- as a volcano erupt in the indonesia, thousands are stranded i should say. the bali international airport has been closed at least until attorney morning as well. i thought what is interes

it's only a matter of minutes before steve sedgwick and many others are let into the so-called opec media scrum the ministers in the room are widely expected to strike a deal to extend crude production by as much as nine months. ahead of that announcement, brent crude is up, changing hands at 63.60 wti at 57.55 there may be some caveats in the deal that's the big question mark in the market now as to whether there will be continued reviews of that, though steve's point earlier was that the reviews happen any way >>> u.s. president donald trump is threatening major sanctions on north korea after its latest missile test which pyongyang claims could hit the u.s. mainland the trump administration has repeatedly said that military options are on the table when it comes to dealing with the rogue regime but that it would rather find a diplomatic solution. speaking at an emergency u.n. security council meeting, u.s. ambassador nikki haley called on all countries to cut ties with north korea and made it clear that though washington does not want war, it is prepared to wipe out the regime if attack

. >> this international rally, i've been discussing this with steve sedgwick in london, no obvious catalyst for it. the news overnight state side is that tax reform is slipping a bit. i can put it down to the first day of the month, people perhaps putting cash back to work. it comes off strong month already. >> and the seventh in a row. >> great start around the world. let's look at broader markets. oil prices which had a great month, wti up about 5% for the month of october they continue at pace this morning. up to 55 bucks for wti brent well past $61. dollar board for you, the dollar was flat yesterday, up 1.5% for the month. so the last two months have been a change in direction for the dollar in the course of 2017 dollar up the last two months. having fallen steadily for the year today not much happening the dollar is up against the yen but not much against the pound and euro bitcoin hitting a new high once again. big news for by the coin yesterday, the cme will start trading by the coin futures. that adds some legitimacy to somethings that been criticized by some financial firms. up 0.

our steve sedgwick is live there vienna with the very latest. evening, steve. >> reporter: good evening, to you, bill, good evening, kelly yeah, i'm pretty sure around about this time yesterday we were talking about whether they would go to the end of 2018 with a review some way through the year that's pretty what we've got they tweaked the language a little bit, gone for a full new 12-month bill rather than waiting for the next three months of 2018 then extending 9 months after that as well. they've given a review at the half-year stage which downsides with a june 21st opec meeting. they seem really happy i spoke to qatar, saudi, iran, iraq, russia, nigeria, you name it, they're all really lets. lot of smiles around here. why wouldn't they be happy they think they're getting the job done let's listen in to what the saudi minister said to me earlier today about where they are in getting the job done. >> what's important to focus on as we go into 2018 is that we still have about 50% of our work to be done, so we're not complace complacent i am go

where we were some months ago >>> opec ministers kicking off a closely watched meeting in vienna steve sedgwicks there and has the latest >> good morning. yes, very interesting meeting as ever because if we take a step back they had a very, very good year. the policy which came in one year ago to the day has worked beautifully. they have the oil prices up significantly over 30% they have a six handle on the overall price of the worldwide market, which is brent and they're happy with things as they are but are storm clouds brewing because of dissension in the ranks between russia and opec? dissension on how to fight the threat of shale going forward? a couple weeks ago there were hopes that a done deal for the rest of 2018, the extension of the current cuts of 1.8 million barrels a day were in the bag, just a bit of eroding if price because of concerns. i spoke yesterday to the uae's energy minister, i asked him what the plan was going forward and what we thought were the likely scenarios let's listen in. >> we are waiting for -- to meet with everyone. so, it's not practical to give you what is

more day before making a decision michelle caruso-cabrera, cnbc headquarters >>> speaking to steve sedgwick, the ceo of bp said venezuela was a part of the world that he thinks poses the biggest risk for the oil markets. >> most people would say the gulf region. i would say venezuela. i think venezuela is defying economic gravity that's a wildcard. i won't comment on the situation in the gulf, everybody is talking about it i don't feel nervousness here about it >> you can head to cnbc.com to read bob dudley's full thoughts on the situation on venezuela and other global risks he sees as well. >>> coming up on the show, u.s. president donald trump wraps up a whirlwind tour of asia and the philippines. we'll take stock of the president's time across the park after this short break my friend susie cracks me up. but one laugh, and hello sensitive bladder. ring a bell? then you have to try always discreet. i didn't think protection this thin could work. but the super absorbent core turns liquid to gel. for incredible protection... ...that's surprisingly thin. so it's out of sight... ...and out of

ministers gathering in vienna for a crucial meeting to decide how long price cuts could last steve sedgwickom there. >> i am standing outside one of the key hoe petels where the ministers are meeting. i just came out of a press briefing and i spoke to someone, and the big question coming into the meeting is opec and russia going to stay the course what had been baked into the price and had taken it up to $63 for brent and high 50s for wti is the fact that opec thought, yeah, we'll go the whole way, the whole of 2018, extend for nine months, then this contention has been built in because some oil producers-like rosneft, not particularly happy about giving carte blanche to others like the shale producers in the united states >> looks like we're taking some hits from steve sedgwick who is on the ground in vienna. we'll check back in with him later. for more on the price of crude and opec expectations, we're joined by matt smith you think opec is winning here >> from the perspective that saudi arabia is really leading the charge, and is basically helping them to win. tomorrow's decision, whethe

. >>> opec members are gathering in vienna today discussing the extension of output cuts steve sedgwickon the ground with more. >> thank you very much look, a couple of big investment banks and big ones based in the u.s., goldmans and citi have been casting doubt on whether opec can get this deal through to the whole of 2018, whether there will be issues about come mrips, whether the russians will want to go with this as well so let's listen in to see what the key kingmaker of this, mr. novak of russia, and mr. a al falea of saudi arabia had to say. >> consensus is almost complete. there will be a decision we will announce it after the conference as we always said, there are 24 participants, each has an equal vote in terms of where the market is, 100% agreement that the market is on its way to full recovery >> market on the way to full recovery the idea was to get full compliance, they pretty much got that at about 102% over the last 12 months. two, to get global inventories down they're halfway there. they were 330 million barrels above the five-year average, they want to get that to t