the saudi oil minister represents opec and on the other side is alexander novak. for all that they have had with their trouble this year, we saw that obviously in march and april when they had the oil price war on top of the supply issues with covid-19, at the end of the day, they have been able to get some of these cheaters like iraq, like nigeria, to come on board. going toe problems is be, aside the fact that this is going to be harder for countries that economically are really struggling, nigeria, iraq, is going to be libya. libya is only just getting back to the market. basically they were producing nothing given what is going on in their country. about 500,000 barrels per day. oilre january, before the was halted and tied up, they were at 1.2. this is going to be another headache and them longer-term, america, therers could be more coming on the market. there was some quite solid data out of china a little bit earlier on. my question is the second largest consumer of oil on the planet, how big a factor is that in opec's thinking right now, or has china bough

so the question is does opec put on hold plans to raise output. >> how can they not? honestly, they could -- they could do it and have $30 oil, right? how can they do that >> i -- i think the path of least resistance is to not go forward with that planned increase in december, but again that said, you had two important ministers out last week basically saying right now they're still on track for that. the bigger question is what happens in 2021? you talk about the vaccine story. if we did get a working vaccine, that would obviously be supportive particular lly for markets like jet fuel which are in the doldrums. this market is being held up by the strength of the chinese economy. anything important in terms of a vaccine would be constructive for oil markets. stimulus will be constructive for oil markets. the question is if we do not get a working vaccine, what does opec have to do to try to push prices higher? there's a question about how much more they can do. countries like iraq are on the hook to make additional cuts they're struggling with that the iraqi governmen

opec meets officially at a ministerial level the first of december and that's when policy is made. alix: i hate asking this question but they don't target a price but what price does opec really want or need? >> that's a perennial question. many people tend to approach the breakeven the fiscal perspective, what price of oil do they need to balance the books in terms of their budget? it's really never been the case. opec wants to maximize revenue but at the same time, sort of limit the incentive for a return of the competition. that is u.s. shale oil. the dallas fed put out this great question of what level wta is required for companies to start drilling significantly. at $50-$55,oking that's what they got from the majority of their respondents. many put us closer to 60 and that's probably a decent price. what is the fundamental of the physical oil market? what is the take away the oil market? >> from a general perspective if you look at u.s. shale oil in general and you seen various waves of the industry from 2010, that first wave of development and the fallback and i think a numbe

we think opec will not make a firm decision. [indiscernible] rishaad: the thing is, opec-plus could have cut supply, but there are dangers inherent. they cannot be too comfortable with oil at 40 bucks a barrel given the state of their budget, their national budget. you just have to look at the example, saudi arabia and russia. >> sure. it is no more about the budget at this point. we have a second wave of fire is happening in the europe -- in europe, -- wave of virus happening in europe and the u.s. as demand goes down, they will have to [indiscernible] it is no more about the price level here. about the direction in which -- direction which the market takes. haslinda: what do you make of the issue of compliance? some data suggesting perhaps russia has been producing more than its quota. candidateshe two which are will producing our iraq and nigeria. what would happen is before the next meeting, opec-plus would ask these two producers to compensate for the oil production they did over the last two months. that would be the first

opec rising. certainly the warnings of a precarious outlook as a resurgent pandemic hurts oil demand. we discuss. this is bloomberg. ♪ annmarie: 6:43 in the city of london. this is "bloomberg daybreak: europe." of a precarious outlook as a resurgent pandemic hurts oil demand, dropping hints at a potential change in policy next month unless it changes add 2 it is set to million barrels a day from january on but traders warn, the market can't absorb that much more oil in any market. chiefg us, amrita sen, oil analyst at energy aspect. three key principles, prevent -- prevent, predict, and proactive. and want to be proactive they want to predict and as he says, nicp it in the bud. saying 100%, we aren't going to add these barrels? amrita: i think there is still more uncertainty. just over the course of the last week, our own balances, we've seen demand pickup a lot more in asia versus the downgrade we are seeing in the west. i think given that, they will try to want as much data as possible into ge

we have been keeping a track on the opec-plus. the allies gathering to assess the state of the oil market. no supply decisions are expected until december. it is about the telephone call. putin and the crown prince, mohammed bin salman spoke twice. that puts some answers. netflix reports third-quarter numbers tomorrow. bloomberg intelligence reckons a somewhat conservative guidance of 2.5 million. what's on the slate? looking: you will be out for numbers from ubs. the last set of results under sergio's watch. you will have an interview with him than i'm looking forward to. on wednesday, tesla reports. the u.k. government is urging companies to help them deal with what's going on between brexit and covid. the weekly brussels addition. maria, what do you have in store? maria: we will be talking about brexit and debriefing what happened at the european summit. we have a lot to talk about this week. if you look at everything that is happening between the u.k. and the eu, the prime minister has missed his deadline, october 15 to get a

what should we expect from opec? meeting by video conference and they are really going to be looking at where demand is at. the have plans to increase their production at the beginning of next year as part of their cuts from earlier this year, but demand is really still below where they wanted to be. levels4% of pre-pandemic and you look at places like america, europe where there is possibility of more restrictions on travel coming back as the pandemic continues to worsen and they really have to ask themselves what demand -- whether demand is going to be strong enough to soak up that extra production? dan, we've had vladimir putin and then solomon thein salman, energy was front and center of those two calls, and does that tell us anything about opec-plus? good point.a the last time they spoke twice in a week was in april when these guys were hammering out this historic cuts deal to begin with. i think it is an indication that onemarket is taking it as that they realize the demand situation is serious enough that they

opec now saying the worst may be over. demandve boosted their and their crude outlook for the next four years at we have the dollar falling, and commodity-related currencies leading gains against the u.s. dollar. check asian markets with sophie kamaruddin in hong kong. asian: it looks like stocks will go higher with the policy meeting a calendar highlight. from japan, we are getting wage data and household spending, i of that the yen trading nearly 8 aheadad to have that, -- low.at the yen trading there are more talks of sector consolidation, uvp forecasting gold hitting $2100 an ounce by next -- by december 2020 one. goaltended for a weekly declined. where watching rio tinto in sydney after the u.s. commerce secretary backed its plan in arizona, wilbur ross saying it is critical timing given that u.s. manufacturers are looking to onshore manufacturing, given supply disruptions. we have the chinese reopen upon us, futures heading higher over the course of the break, adding more than 2% over the past few days. so looking at

there is a lot focused on what happens on monday for opec members. look: su keenan with a ahead to those talks. if you are away from a screen, you can always find in-depth analysis on the date's newsmakers on bloomberg radio. you can listen in via the app, radio plus. this is bloomberg. ♪ haidi: let's get you a quick check on the latest business flash headlines. u.s. airlines has had their willing to return -- by the end of the year if they win the go-ahead from u.s. regulators. the airline is planning to operated daily flight from miami to new york with bookings open from saturday. the 737 max has been grounded from last year after a fatal crash killed people in indonesia and ethiopia. do --epted 140 million 140 million u.s. dollar rescue plan. the package aims to revive the airline as it recovers through liquidation and it was approved overwhelmingly. jet airways were grounded by solvency since last year. conocophillips is said to be near a deal to acquire -- resources which could be the largest shale deal since energy collapsed. an agreement cou

that does not make opec happy. talk to us about the supply side. beenow opec-plus has trying to increase production. is it working? >> sort of. much because all of these guys now have this trust. don't have much in opportunity. we are putting about as much oil into the market as we can. that is when we will see how good it could be. them to puts allow a little lipstick on that proverbial piece of meat. a little bit to me about what has been going on with the refineries. we have been hearing about how they are struggling to make money despite pretty decent demand for fuels and finished products. refineries the world over, except in america, most of them have sped up to make money from middle distance. ago, every refinery had to gear up there diesel manufacturing capacity. the middle distance part of the demand is the weakest part. most refineries are set up to earn their bread-and-butter. in america, is more of a gambling story for refineries. we find ourselves in a world of trouble. joe: can you explain that last part again and just clarify it? wha

the mother of opec. what would he say about what is happening right now to his homeland in venezuela. >> he was one of the two fathers of opec. it was a texas railroad commission. and they regulate oil production but he was skating in a sense about oil and that devils experiment. what it would do to a country. they would look at venezuela today and say how is this opportunity wasted. what the largest oil reserves in the world. it is the economy. they can't go across can go across the border. there is no metals -- medicine in the hospital. i think he would beyond shocked and saddened. incredible tragedies. having to do with oil and gas. eric ridgely writes assuming economics drives consumer choices and assuming the environmental rules are more or less the same that they are now. in coronavirus goes away he said due to vaccines not due to miracles. he is looking for your ideas about that price. it was the perils of prophecy. there is a reason that oil price forecasts are often wrong. with the markets and r

earlier than opec's estimate. when it comes to short-term demand, the outlook is concerning especially with global virus cases above 35 million, governments from london to madrid and new york city, but that's contemplating further measures and restart many companies having employees work from home, children at home, less demand for gasoline. when it comes to demands specifically in asia, he pointed out we'll receive it returning to pre-virus levels by 2022. we have a way to go, that was a very optimistic call from the opec secretary-general and things cannot easily change and play out in a different way, we are still on a bit of a shaky path when it comes to a true demand recovery. let's talk about supply because right now wti holding steady but this after climbing to a one month high in the new york session. we have hurricane delta now approaching. that is right, i'm so glad you brought that up, we are focusing on hurricane delta. wti did get a bit of support today as the gulf of mexico producer had to quickly sh

control and notably, the more than doubling opec oil prices last year. it leads me to ask you whether, since the united states remains vulnerable to such external shocks, can inflation in fact be controlled? if so, specifically what measures would you pursue? gov. reagan: i think this idea that has been spawned in our country that inflation somehow came upon us like a plague and is uncontrollable and nobody can do anything about it is dangerous to say this to the people. when mr. carter became president, inflation was 4.8%, as you said. it had been cut in two by president gerald ford. it is not running at 12.7%. spokeent carter also about new jobs created, we always with new growth and an increase in population increased number of jobs, but that cannot hide the fact there are 8 million men and women out of work in america today, and 2 million of those lost their jobs in the last few months. mr. carter also promised he would not use unemployment as a tool to fight against inflation. yet, his 1980 economic statement stated we would reduce gross national pr

all eyes will be on how opec decides to proceed. i would say they would keep brent remains pressured around then i 40's in december, wouldn't put it past them to revise the decision which was taken back in april to put another 2 million barrels a day into the markets starting next january. i think opec is already going to be cautious now with regards to back into theil markets. --linda: and yvonne: as you mentioned, fundamentals are not looking good. stockpiles are increasing. theydo you think, could shrink, or could the pace of decline be slower than expected or forced opec to reconsider? >> we saw a huge, unprecedented amount of inventory through the first half, mostly through march, april, and may. inventories have been drawing down since june. inever, the pace of drawdown june and through the rest of this year is very small compared with the buildup that happened so we are expected to enter 2021 with close to 600 million barrels of the 1.2 billion that was accumulated through the first half of the. that could put psychological p

wherein the price of opec oil was raised to an extraordinary degree. we had an even worse oil shock in 1979. in 1974 we had the worst recession, the deepest and most penetrating recession since the second world war. the recession that resulted this time was the briefest we've had since the second world war. in addition we've brought down inflation. earlier this year, the first quarter. he did have a very severe inflation pressure brought about by the opec price increase. second quarter we dropped it down to about 13%. the most recent figures, the third quarter of this year, the inflation rate is 7%. still too high. but it illustrates very vividly that in addition to providing an enormous number of jobs, 9 million new jobs in the last 3 1/2 years that the inflationary threat is still urgent on us. i noticed governor reagan mentioned the reagan kemp roth proposal which his own running mate, george bush, called it voodoo economics. business week, not a democratic publication, said this reagan kemp roth proposal and i quote them, i think, was completely ir

on the price and availability of oil, what joe is proposing to put us back under the control of opec because we will not be able to produce enough domestic energy and the transition that were talking about with electric vehicles, is going to take 20, 30, 40 years, i've seen statistics and studies at say half of the cars in 2050 will be electric, that means there will be hundreds of millions and billions of cars around the world still need oil, i think for joe biden to take over the control and the regulation of the energy industry is dangerous, he does not know anything about energy to start with, but you do not pass along high cost of limited energy to the poorest in the nation and expect them to be happy about it, the way the democrats will lose out big time is by raising gasoline prices to unaffordable levels. jackie: you bring up a great point when it comes to opec specifically there was a time in the country's history where the middle east owned us because of their energy output now were one of the top producers globally, we are exporting energy and we are energy independent as

and last year's skyrocketing opec price increases has helped to trigger a worldwide inflation crisis. we took forceful action. and interest rates have now fallen. the dollar is stable. and although we still have a battle on our hands, we're struggling to bring inflation under control. we're now at the critical point, a turning point in the economic history of our country. but because we made the hard decision, because we have guided our nation and its economy through a rough but essential period of transition, we've laid the groundwork for a new economic age. our economic renewal program for the 1980s will meet our immediate need for jobs and attack the very same long rang problems that caused unemployment in the first place. it will move america simultaneously towards our five great economic goals, lower inflation, better productivity, revitalization of american industry, energy security and jobs. [ cheers and applause ] it's time to put all america back to work. but not in make work, in real work. and there is real work in modernizing american industries, in creating new industries

control, notably, the more than doubling of oil prices by opec last year. because the united states remains vulnerable to such external shocks can inflation, in fact, be controlled? if so, what measures would you pursue in a second term? >> again, it's important to put the situation into perspective. in 1974 we had a so-called oil shock wherein the price of opec oil was raised to an extraordinary degree. we had an even worse oil shock in 1979. in 1974 we had the worst recession, the deepest and most penetrating recession since the second world war and the recession that resulted this time was the briefest we've had since the second world war. in addition, we've brought down inflation. early this year in the first quarter we did have a very severe inflation pressure brought about by the opec price increase. it averaged about 18% the first quarter of this year. the second quarter we had dropped it down to 13%. the most recent figures, the last three months or the third quarter of this year, the inflation rate is 7%. still too high, but it illustrates very viv

a verye: we have important opec meeting in early november. did that hit your production? norway, as you stated, they reduced production. like all the other producers, yes, this is valid until the end of the year. despite the fact we had to reduce will production in the two main fields, we still generated over $500 million of free cash flow. i would sayt us but at a minimum. some of the meetings, we have seen contrary to what we saw in march, opec is much more disciplined. have been playing a balancing act in this environment. we have seen the oil prices relatively stable before the second wave. we see pressure in the oil prices due to the concerns of demand. i am pretty certain once the second wave is behind us, we will see demand picking up again. annmarie: i am looking through your release. you say you announced your intention to stand down in 2021. what is your advice to nick walker on how to do with the will market where $40 brent is the normal? nick toreally happy for take the reins. the company is in great shape and nick has been a fantastic beenn in terms of what h

opec inmates demand is at best anemic. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists in more than 120 countries. i am karina mitchell. this is bloomberg. beijing has passed a new law aimed at restricting sensitive exports in order to protect national security, the law gives beijing countermeasures against the u.s. aztec tensions rise. let's get the deck -- details from tom mackenzie. a -- if youeijing see the tit-for-tat leverage we have seen similar restrictions from washington, what are the implications for the company. tom: certainly there are implications and it follows this rule that it was implemented over the weekend. on decembermplanted 1, it follows the restrictions of the u.s. putting on china's biggest and most import and companies. smic,rse huawei but also and also tencent and bytedance. china has been watching the u.s. put in place these export controls on its own technology which has impacted chinese companies which rely on the supplies of some of these key

in 2019 ghana and ivory coast joined forces and decided to set the price of cocoa themselves the way opec countries do for oil. exporting countries have demanded the industry pay 30 percent more to the farmers that only translates into $0.30 per fan. per day but it's hopefully one small step towards a bigger change. for . the sons of law. great crown cranes bring good fortune to the environment to. get into any other numbers are sinking dramatically. now volunteers are getting locals interested in protecting these majestic good luck charms. good for a laugh through half a dozen. w.'s crime fighters are back with africa's most successful radio drama series continues from the all of us odes are available online at the course you can share and discuss on w africa's facebook page and other social media platforms. crime fighters tune in now. the fun you see against the coronavirus pandemic. where does science stand. and what new findings have researchers need. information and background into. the corona updates. coated 19 special. monday to friday on t w. this is the w. news live from berlin.

opec-plus is set to add almost 2 million barrels a day to the market, starting in january. but that could be delayed. >> we also have to be preventative. we have to be able to take measures to have both negative to help them in the bog, as the british would say. important, west have to be proactive. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i'm ritika gupta. this is bloomberg. tom: thanks so much. equities, bonds, currencies, commodities. first, there is a headline on the aviation business. this is cathay pacific, the giant of hong kong, dealing with the pandemic worldwide and particularly into hong kong. they are going to move 6000 jobs out. this is sort of the airline rolling disaster we see within this natural disaster. dragon air, one of their subsidiaries, will be closed, i believe is the right language for that. up 1.20.ta, futures dow futures up 1.30. a attention to the vix here. it is a barometer of the recent volatility wrapped around stimulus, maybe a few other emot

where libya could be reaching that 1 million barrel a day mark that's putting a lot of pressure on opec, which would have to accommodate these barrels to keep the market balanced while saudi arabia could sit down more barrels, other countries like iraq are struggling with the current cuts they have not been able to pay civil servants since september they almost need every last barrel libya is weighing on the market. as we think out to 2021 and where the election becomes impactful, if you were to get a biden victory, we are potentially looking at the return of iranian barrels as well if we get back into the iranian nuclear deal that's another potential headache for opec in 2021 on the supply side. >> you raised joe biden there and i wonder whether what he said last week in the debate about big oil companies and drifting a were from fossil or carbon-based fuels, does that move the needle at all in the oil market did it >> well, i think certainly there has been some ambiguity about the biden energy policies. he's been very clear when he's been campaigning in swing states like pennsylvania

two weeks a few factors at play, demand concerns as coronavirus cases continue to rise world wide and opec upping its output last month. the xle falling 3% today that is after shedding a fifth of its value in the third quarter. karen, what do you think of crude's collapse and is this a time to hold your breath and get in or just sort of watch it? >> something about the car wreck aspect of it makes it sort of interesting to me. i mean, earlier in the year crude was well lower than here it's popped a lot from then. it's retraced somewhat i feel like we're in a secular decline over time, but i could see if the economy reopens that demand would come back but i don't have very much energy exposure at all >> think about march 6th this was a sunday, i believe certainly when opec, saudi and russia decided to play a game of chicken. in terms of the overall markets and risk, that was the first pain that sent the markets down. that was just one ingredient think of where we've come since that time. i actually believe that wti, the price action hasn't been that awful. it's been volatile, but holding th

guy: opec secretary-general mohammed barkindo earlier on, going through the oil outlook. there's some amazing charts. we pulled out a couple. i will start with mine. this feels awfully like battle of the charts. this is physically willing to ev, electric vehicles, and conventional vehicles. basically, you've got a game of two halves here. conventional vehicles in pink continuing to pick up in terms of the market, and then plateauing and fading. but look at the elected vehicles, the yellow come -- the yellow, continuing to search. -- continuing to surge. this will go to my chart because it is the first time opec has acknowledged peak demand. this shows overall production from different areas of the world. the green is middle east production. their production actually grows, shrinks a little bit in 2025, and grows because other areas are shrinking their production, and part because of the rise of ev's. really interesting report. coming up on the program, we will be talking to stephen king of hsbc. stay with us. this is bloomberg. ♪ so you're a small business, or a big one

and opec compliance has been very good. the plot -- the supply side to us remains very much a supporter of higher prices as we going to next year, particularly as we expect to get a vaccine more broadly available in the second quarter of next year, which was start to see demand and confidence in demand begin to recover more fully. as well as a weaker u.s. dollar tends to be positive commodities overall. time for oneave final question we have to touch on gold. where will gold peak this year? >> ok. have sentcoal prices back -- gold prices for all the reasons we would expect. death picked up and are trading around -1%, .9% at the 10 year level. 1.1%,id get back to below -1.1% at the peak of gold. with gold going forward, twofold. first, the mixed messages we are getting from the federal reserve, they begin to become more fully on the dovish side. the key issue post jackson hole while they did announce the average inflation targeting, unfortunately since then, there has been a number of mixed messages coming from fed members w

oil can only trade so high before the suppliers push on the spigot in the past opec would have stopped this kind of overproduction, but we found so much oil in the united states that opec is irrelevant and our producers don't have cartel. of course american producers don't mindfully turn on the spigot, but we've got so much pipeline infrastructure they can pump aggressively whenever crude passes the $40 level and if they want to export it overseas to these really beautiful docks they have to be able to have giant boats come in. that's why crude hasn't been able to break out in ages. yet people are buying the oil stocks here because they're jonesing for laggards. even though i think the whole industry is in trouble, let me give you ones that will hurt you least if i'm right about the supply problem sneaks own becky quick interviewed the ceo of chevron, he's a smart fella well, no company can truly garnet its dividend these days, least of all the oil companies, i trust mike to protect the payout to drop out of the bidding war whenpaid an astounding $55 billion for it chevron bought noble

of iran of president bush a flicker of algeria the gulf states i understand all of those i attended opec meetings for 12 years that i met minister and i am me and all the oil ministers my i love to see on the fracking and on the on his but only him i know it wasn't just fracking in the united states for the deadly confrontation between the gulf monarchies in the ran down. between the gulf states and russia. on a government fracture of the unity of all big states but in the last c.e.o. is he said here look at the deficit has overtaken libya and syria the geopolitical terrain has shifted africa and north africa and the mediterranean for food and oil is a key factor here i'm a little back i hear. the geo political terrain is shifting and in this new cold war. new countries are becoming a battleground for competing interests. the citizens of those countries are being left to fend for themselves millions of people continue to find themselves displaced forced to flee for their survival. a little. bit. about how he really was not going to remember how to meet no. greater group and. i. mean i kn

i attended opec meetings for 12 years i met minister and i am me and all the oil ministers my . little fracking and. i knew it wasn't just fracking in the united states for the deadly confrontation between the gulf monarchies and around you down. between the gulf states or russia. but fracture of the unity of all big states in the last cd you look at the debt it has overtaken libya and syria and the geopolitical terrain has shifted africa and north africa and the mediterranean and all is a key factor. yeah. the geo political terrain is shifting and in this new cold war new countries about coming up battleground for competing interests. i feel the citizens of those countries are being left to fend for themselves millions of people will continue to find themselves displaced forced to flee for their survival. huddled. around. the highly relevant as. the north and the remember how they need know. when they're going anywhere. near any. you know you don't know what i asked him to notice in the room it's only been quite . safe with. the safeway. but. also for the council and. this is h

i attended opec meetings for 12 years and i met minister and i am me and all the oil ministers my i love lucy on the fracking the head but only man i knew it wasn't just fracking in the united states for the deadly confrontation between the gulf monarchies are ran down. between the gulf states and russia. on a downward fracture of the unity of all big states in the last cd you see so you only look at the deficit has overtaken libya and syria the geopolitical terrain has shifted africa and north africa and the mediterranean for before an oil is a key factor yeah i'm a little back i hear. the geo political terrain is shifting and in this new cold war. new countries are becoming a battleground for competing interests. the citizens of those countries are being left to fend for themselves millions of people will continue to find themselves displaced forced to flee for their survival. huddled. around. the heart of the really was not going to remember how many no. way they're going anywhere. i. mean i know you think i would ask him that he got us in the middle of the. safeway and. safeway. but.

years of corruption mismanagement and economic sanctions have decimated the oil industry this opec's nation main source of income the government is finding it difficult to provide gas water and fuel to its people because infrastructure is crumbling across the country a months long coronavirus lockdown is complicating the economic situation even further for many it's too late for protests they're seeing a future across the border and even the worsening conditions in neighboring colombia have forced many venezuelan migrants back to their homeland others like the edis coleman natus are determined to try their luck in minnesota i don't believe in the union whoever's living in venezuela doesn't live off a salary they live off the people send them from abroad that's a reality for venezuelans my children know that when we have to use a bathroom we go to the bushes and we sleep on the floor if we're out on the highway we always try to be a checkpoint to be a little protected by the police and guards the united nations says that over 5000000 people have left the country in the past 4 years pe

years of corruption mismanagement and economic sanctions have decimated the oil industry this opec's nation main source of income the government is finding it difficult to provide gas water and fuel to its people because infrastructure is crumbling across the country a months long coronavirus lockdown is complicating the economic situation even further for many it's too late for protests they're seeing a future across the border and even the worsening conditions in neighboring colombia have forced many venezuelan migrants back to their homeland others like the edis coleman atis are determined to try their luck in minnesota i don't believe in the union whoever's living in venezuela doesn't live off a salary they live off the people send them from abroad that's a reality for venezuelans my children know that when we have to use a bathroom we go to the bushes and we sleep on the floor if we're out on the highway we always try to be a checkpoint to be a little protected by the police and guards the united nations says that over 5000000 people have left the country in the past 4 years peo

germany and russia is not adversarial to anyone except for oil companies it's maybe adversarial to opec it's maybe adversarial to saudi arabia or ukraine that instead wants to sell their natural gas to germany the only thing it's adversarial to are other corporate interests who say rather than buying from russia buy from us and this is where you get so disgusting to me that u.s. foreign policy is so intertwined with corporate interests rather than the interests of the people in this nation and in the livelihood of the people of other nations before we go george i want to i want to get your take on this and do you think angela merkel is going to continue our lives followers because she wants to push for this pipeline to get done as of what we've heard. no the national consensus in germany left and right and center it is in germany's national interest they have already expended a great deal on it they are looking forward to cheap and clean gas coming from russia a stable price a stable supply russia does not allow politics to get in the way of business it will deliver on time and at the p

in russia and the self appointed pages of intelligence head of security in this country a man called opec souvenir league now as i say he appointed himself as head of security only a couple of days ago. and that statement. was saying that it is in russia's interests to prevent the situation in the country from sliding into chaos seems like russia is very concerned about the situation here it seems that it is indorsed a man as head of security here a man that. basically took over the position himself only a couple of days ago in all this chaos but it's an indication. of how serious russia is taking the situation here let's not forget that russia has big interests in kyrgyzstan geo politically and in terms of investments as well this country buys russian gas russian gas infrastructure is all here as well as maintained by russia russia has a big military base here as well which we understand security was increased in recent days. around there also has interests in the gold industry a gold mine that is trying to be set up by the russians seem to say flooded may putin is a very concerned about

again expect to see opec if prices fall too much? >> it is certainly interesting, you are getting the supply side issue with disruption and libya coming back into the market, against a highly uncertain backdrop. opec are probably going to take a relatively conservative view here. there have been concerns about the lack of recovery in demand. certainly as we are seeing the resurgence in the coronavirus cases in europe and north america. restrictions in 2021 are probably going to come a little too soon. i'll havet meeting, on the agenda the likelihood of pushing back those increased quotas. i suspect that the market is too fragile to handle that additional 2 million barrel per day increase. shery: when it comes to iron ore, the supply and demand fundamentals are starting to break down. we have seen incredible levels of shipments from major players. been an ongoing theme for some time. the market has been willing to ignore that in the face of the strong rebound in demand from china. i think that theme is certainly expected to get a boos

opec plus officials are set to meet today to discuss the state of the market. no supply decisions are expected saudidecember, russia and arabia are already stepping up diplomacy. vladimir putin and crown prince mohammad bin salman have spoken twice in a week. paris rather do in yesterday to pay tribute to a history teacher killed in the city on friday. there was a moment of silence held. the teacher was attacked after showing cartoons of the prophet mohammed in a classroom. detained anhave 11th person. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. wright there in london. we are minutes away from the market open. let us get your stocks to watch with dani burger. let us kick it off with phillips. dani: phillips beating estimates. 769 million euros. the estimate was 630 million euros. a sizable increase in what was expected today -- what was expected there. bemeans medical gear will boosted in terms of demand. they see that impact lingering. the c

i attended opec meetings for 12 years that i met minister and i am me and all the oil ministers my. little fracking the head but i knew it wasn't just fracking in the united states for the deadly confrontation between the gulf monarchies and your ran down. between the gulf states or russia. would fracture of the unity of all big states. he said you will look at the deficit has overtaken libya and syria and the geo political terrain has shifted africa and north africa and the mediterranean for oil is a key factor. but if you're back i hear. the geo political terrain is shifting and in this new cold war new countries about coming up battleground for competing interests. i don't know. the citizens of those countries are being left to fend for themselves millions of people will continue to find themselves displaced forced to flee for their survival. and there had been a lot has been at that none of them are how we know. the only way they're truly am. you know you think i would ask him about us in the mood for me. if when i. say for. the council and. this is how it is every day so my mai

rare metals so these are minerals so what's really important is that we do it now just like gas and opec was it was when we started to drill here in the u.s. that we became energy independent this has to happen and trump is the 1st president to really put his foot down now to answer your question with regard to australia absolutely australia and china have a tremendous trading partnership 27 percent of all. trade goes from china australia to china and so it's huge and china recently has put his foot down and impose an 80 percent tariff on bali they have just expelled 2 australian journalists they are basically pushing the screws and tightening the screws on australia the question is why the reason is because the australians are looking deeply in to probing the code that 19 or as many call it the will handle the chinese virus they are probing and wanting to know where this came from exactly and they've made some great strides in this arena and that is supported li why the chinese government has ramped up these tariffs on the technically bali and also they're saying that the chinese are ba

green for the 4th straight week up about half a percent on friday while companies petro china and seen opec really help those gains in japan we're seeing another red arrow here the government says the economy remains an 8th of. dear situation this is obviously due to the pandemic but it's showing some signs of growth in india the sun sex is up on the week it's showing some pretty strong earnings 7 of the 14 nifty 50 companies reported higher expectations the sensex is roughly 1.5 percent away from erasing losses this year due to the pandemic australia's a.s.x. is down for the week on a red arrow the ongoing us stimulus saga is hurting the index top iron ore miners rio tinto ltd b.h.p. group lost to 1.4 percent each on thursday as data is showing now manufacturing in the country grew at a slower rate than an initially expected this coupled with the i.m.f. downgrading its projection for growth in the asia pacific region really hurt the index in south africa the all shares in the green the index gain nearly one percent on friday the largest single day gain in weeks the mining sector really hel

a modern transportation system of railbeds and ports to make american coal into a powerful rival of opec oil. [ applause ] industries that would provide the convenience of futuristic computer technology and communications to serve millions of american homes and offices and factories. job training for workers displaced by economic changes, new investment pinpointed in regions and communities where jobs are needed most, mass transit in our cities and in between cities and a whole new generation of american jobs to make homes and vehicles and buildings that will house us and move us in comfort with a lot less energy. [ applause ] this is important, too. i have no doubt to the ingenuity and dedication of the american people can make every single one of these things happen. we are talking about the united states of america! [ applause ] >> and those who count this country out as an economic super power are going to find out just how wrong they are. we're going to share an exciting enterprise of making the 1980s a time of growth for america. the republican alternative is the biggest tax giveaw