Medium term. We will speak to ceotidjan Ceotidjane Thiam late their morning. And viva aviva says it will deploy 3 billion pounds in excess cash. Good morning its thursday, not just any thursday, it is opec thursday. Its only a matter of minutes until steve is let into the socalled opec scrum the ministers in the room are widely expected to strike a deal to extend crude production cuts by as much as 9 months you can see steve in the background hes ready to go well bring that live to you wlechb when it does begin Traders Await a decision from opec and nonopec nations bp is off by 0. 63 shell off by a half percent. Statoil a touch lower. Really were just in a wait and see mode lets tell you whats happening with the rest of european markets. Were modestly higher today. We saw another record high for the dow. The nasdaq fell, given the selloff in the f. A. N. G. Stocks specifically, the tech stocks overall, seeing their biggest oneday drop in five months. The nasdaq posting the biggest oneday drop in three months some of the froth is coming out in the market and also impacting Semiconductor Stocks elsewhere were seeing moderate gains here november wasnt a great month for European Equity markets. We saw profit taking we are on track for a fall of 1. 7 or so for the stoxx 600 the ftse 100 once again is down by a third of a percent. Why . Thats the sterling impact given that weve seen rise in pound sterling and weve seen break through in the brexit talks. The xetra dax is up by a half of a percent. You have technology down by a half of a percent. Banks doing better, twothirds of a percent to the upside utilities and autos showing outperformance. Risks to eurozone Financial Stability remain contained thats the view from the latest Financial Stability report, but the central bank warned of large asset price corrections amid increased risk taking in markets. Joumanna bercetche sat down with the ecb Vice President veto costanzio and asked where he saw complacency. I always difficult to talk about valuations, its difficult to talk about the benchmark or fair value its true, comparing with historical averages and historical situations, we see that some markets are overstretched or at least we have indicators way above historical averages. At the same time we can see volatility in the equity market and the bond market is very low. Which experience shows in those situations, some events may trigger sudden revision of expectations by investors, either about future growth or about future inflation, that suddenly leads to corrections in prices, which in such stretch situations can then be amplified, and overshoot because we know many times markets overshoot. Thats the risk, which as we explained in the Financial Stability review, we mostly attribute to events in global markets, not so much coming from european markets, because we dont see in european markets generalized situations of stretched valuations so to be clear, you dont see stretch valuations in european markets but you see them elsewhere. You say u. S. Stock markets are looking overvalued i didnt use the expression overvalued, i think, because as i said, thats always difficult to clearly identify. But certainly the cyclicly adjusted price to earnings ratio is way above historical averages in the u. S. , though one can read analysis showing that partly this can be explained by the evolution of some fundamentals, and also by the decrease in Interest Rates which explains those valuations, but nevertheless, that in comparison and the low volatility point to the risk we are talking about risks, not something that necessarily will materialize. In other news, President Trump has nominated Marvin Goodfriend to the Federal Reserve board of governors if confirmed the professor and former fed economist will fill a fourth seat on the seven member board following the departure of gel b janet yellen senators in the u. S. Have begun debating the details of the tax overhaul bill as they inch closer to a vote. Momentum is growing after two dissenting voices in the republican ranks voted in favor of moving the legislation ahead. Republicans want to get the bill signed off by the end of the year markets are hoping for the same. Donald trump has fired back at criticism from uk Prime Minister theresa may saying we are doing just fine. The war of words started after the u. S. President retweeted three antimuslim videos from a leader of a uk antiimmigrant political group. In a rare rebuke, the Prime Ministers Office Issued a statement saying it was wrong for trum tp to have shared those videos trump said theresa may should focus on radical islamic terrorism issues in the uk its a big day for oil as Oil Ministers in vienna are expected to strike a deal to extend output cuts by as much as nine months steve is in the socalled opec scrum as we speak. We will bring you that event live happy anniversary dinnedarlin can this much love be cleaned by a little bit of dawn ultra . Oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. A drop of dawn and grease is gone. Is now a good time to refinance . Yes Mortgage Rates are historically low. The time to refinance your home is right now. Get started at lendingtree. Com. The only place you can compare up to five real offers, side by side, for free. Our average customer can significantly lower their monthly bills. Quick. Beat the feds next rate hike. Do not miss this window. Are you sure you have the best rate . It only takes 3 minutes to find out. Go to lendingtree. Com right now. We thats why at xfinityic. Weve been working hard to simplify your experiences with us. Now with instant text and email updates youll always be up to date. You can easily add premium channels so you dont miss your favorite show. And with just a single word, find all the answers youre looking for. Because getting what you need should be simple, fast, and easy. Download the xfinity my account app or go online today. Welcome back to the show youre watching street signs. Its only a matter of minutes before Steve Sedgwick and many others are let into the socalled 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 thats the big question mark in the market now as to whether there will be continued reviews of that, though steves 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 attacked the dictator of north korea made a choice yesterday that brings the world closer to war, not further from from it we have never sought war with north korea, still today we do not seek it. If war does come, it will be because of continued acts of aggression like we witnessed yesterday. And if war comes, make no mistake, the north korean regime will be utterly destroyed. Haley specifically urged china to cut off pyongyangs oil supply as well we know the main driver of its Nuclear Production is oil. Through sanctions we have cut off 90 of north korean trade and 30 of its oil, but the crude oil remains. The major supplier of that oil is china in 2003 china stopped the oil to north korea. Soon after, north korea came to the table. We need china to do more china can do this on its own, or we can take the Oil Situation into our own hands now, shell is restoring its dividend, thats been seen as a signal of the end of the oil downturn cnbc spoke to the ceo and asked if the move was a bet that crude oil prices would stay above 50 a barrel for the longterm if you run a company as large as ours with such a high correlation between the oil price, you cannot have a strategy that only work force o works for one oil price. So we have to take into account a range of oil prices, and i am confident enough that even with the volatile they we will still see in oil prices, we can afford a full Cash Dividend from now on and thats why we turned it off. A viva says it expects growth earnings of more than 5 through 2019 they will spend 3 billion pounds in excess cash over the next two years, the majority of it repaying debt and returning cash to shareholders. Aviva shares up by 2. 5 . Credit suisse says 2018 will be the final year of its Restructuring Plan to focus the bank towards Wealth Management and reiterated its profit target for all of its units the swiss Bank Reported that the cost base for 2017 is to come in under its expected target. Bae saying new accounting standards in the uk will not have a Significant Impact on earnings next year the uk Defense Group will transition to the International Financial reporting standard in 2018, but it will not change how it manages its contracts siemens will list its medical equipment business on the Frankfurt Stock Exchange in 2018, not new york it is potentially valued at 40 billion euros, making it germanys largest initial Public Offering in two decades. This is part of siemens strategy to simplify its structurstructu. Unilever will launch new products and slim down the organization they rejected a 1 143 billion takeover bid from kraft heinz in february just wanted to remind you what we are waiting for out of vienna, its only a matter of minutes, hopefully, until steve it let into the opec scrum the hin centers in the ro the ministers are expected to have production cuts for another nine months. Brent crude is up by 0. 8 . Wti up bay half of a perceby a a percent. My friend susie cracks me up. But one laugh, and hello sensitive bladder. Ring a bell . Then you have to try always discreet. I didnt think protection this thin could work. But the super absorbent core turns liquid to gel. For incredible protection. Thats surprisingly thin. So its out of sight. And out of mind. Always discreet. For bladder leaks. Also in liners. Your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Hello. Welcome back to street signs. Im carolin roth these are your headlines the ministers are in the room, the countdown is in on in vienna as opec is expected to extend Oil Production cuts by nine months european chipmakers feeling the bite of the fangs following asian Semiconductor Stocks lower. Credit suisse calling an end to its turnaround plan saying it will wrap up restructuring efforts next year and setting return on equity targets for the medium term. And aviva raising growth targets and dividend ratio targets as it will deploy 3 billion pounds in excess cash. I would call this a mixed session for u. S. Markets yesterday. We had the dow rising by 103 points to another record high. On the other hand you have the nasdaq with the biggest selloff in about three months. The tech sector falling the most in five months this is, i guess, as investors got tired of the very rich valuations maybe maybe this is just a bit of profit taking. I dont see any further concerns than that. The nasdaq has been seen bouncing back to 3 points, 4 points the dow jones continuing its strength, seen up by 66 points the s p 500 seen up by 4. 3 points we did see a lot of fektech investors moving out of the tech sector yesterday lets look at how this is impacting the european markets the chipmakers here on this side of the atlantic are under pressure as well the asian tech stocks also fell badly. I wonder whether this will be contained in the next 24 hours as is usually the case the ftse 100 is off by a quarter of a percent this morning. This is for the most part down to the currency which is stronger once again today given that we have got so many internationally, pose lly exposd countries on the ftse. Euro dollar is off a touch, up by 0. 1 . 1. 1830 is the handle were seeing. Youre looking at live pictures of the room where opec ministers are meeting in vienna. They are widely expected to strike a deal to extend crude production cuts for nine months, but the extension could only be set at three or six months steve is outside of the room, ready to be let in and pounce on the key decisionmakers in the room we know they usually just go for the saudis first, because they are the kingmakers so well see what happens over the next couple of minutes shares in euronext are rising after they agreed to buy the irish Stock Exchange for 137 million euros, this as ireland tries to deepen financial and trade ties with other eu members in the wake of brexit. Euronext called it a major milestone in expanding its federal model. The tie up will give the company the technological and financial strength needed to grow. We will be speaking to the ceos of both exchanges first on cnbc, thats at 12 30 cet. Irish Prime Minister leo varadkar is set to announce a new deputy Prime Minister today after the incumbent, Frances Fitzgerald resigned amid a scandal of a Police Whistleblower speaking to willem marks, Micheal Martin of fianna fail said core issues like brexit could be pursued we had a shaky week, damage was done, but we are determined to rebuild that trust and that engagement in the interest of the country. That will happen theres no medial sense of general election or anything like that now. So the government is free to pursue the core issues that bedevilled the country, housing and health issues. Domestic issues that are there in a lot of countries and the brexit negotiations that are ongoing. That represents such a threat to ireland into the future and to the island of ireland as a whole. You had several days of direct talks with mr. Varadkar, do you have personal trust in the man . In the midst of the crisis, through our discussions, i think we reached better understandings but there is no doubt that emotions in both parties are bruised. That said, i think we are clear in terms of the immediate challenge ahead and both domestic issues and in terms of brexit we both learned a lot from this particular episode the uks impending departure from the European Union has more International Companies looking at locating to ireland an attractive Corporate Tax rate helped attract some of the biggest tech firms to the country. Willem has spoken to some tech entrepreneurs who have chosen ireland as a base. Michael tush said the island provided an attractive base for Small Business im sure they can do more in theory again let me ask you this, what wou could they have done more for you . I think okay so theres sort of corporate issues you know, red tape, tax regime, all the various kind of credits that companies can offer when we looked at the uk versus ireland, there were different regimes, different benefits and disadvantages. Broadly comparable so that really didnt affect our decision much. I think if there had been incentives, it might have encouraged us a bit more to be hon evident. I dont think it would have changed the overall decision i think the development in space like this, having regimes friendly to Small Businesses, supportive, is enough for a company like us to want to move here we dont need a particular carrot beyond what we already find in dublin if youre a bitcoin investor these days, buckle up. Another wild ride. The cryptocurrency crossed the 11,000 mark hours after jumping through the 10,000 barrier. But that rise over 11,000 barely lasted an hour before by the coyne tumbled again. This year it started under,000 this as nasdaq says it will launch bit coycoin contracts ne year Joumanna Bercetche asked at what point the central bank had to start taking cryptocurrencies seriously. We dont have to in the sense that we dont have responsibility or instruments that point to prices of particular assets. That is not the role of central banks. Again, its a particular asset speculative asset, by definition looking to developments in its price. Inl ve investors are taking the risk of buying at such high prices i dont predict a big drop in the price that has happened in the past, which will happen again, will by itself create a significant problem of financial instable, and certainly i dont think it could spread to other markets that depend on other types of fundamentals, not just speculative. Lets get out to arjun who joins us from helsinki from the slush Conference Im sure theres debate around the volatile ride of bitcoin there. Absolutely. Cryptocurrency, the blockchain, its all happens over here ill ask a bit more about those bitcoin future contracts this morning ive been speaking to entrepreneurs looking at grand ideas like the moon. Navine jane, the founder of moon express, which is a company that wants to go to the moon and mine it, spoke about his ambitions in the space race theyre the First Company to get a license from the u. S. Government to go out to space and mine those rocks if they happen to do that next year, theyll be the first of a company, private company to have done so. So i caught up with navine jane earlier. Heres what he to say about the mission. Definitely going to be next year we are in the final stretches of it as you can imagine, its rocket science. Were really looking good and hoping to launch the lander next year when we launch and land on the moon, not only are we the First Company to do so, we become the fourth superpower. Imagine the entrepreneurs doing things that only the three superpowers have been able to done before. Will you be ability to launch it before the google lunar x prize . The google lunar x prize is not something we were setting out to win thats icing on the cake whats been happening with production, you said were aiming for december. Why push it out to next year obviously google lunar prize moved to the end of march, that gives us more time more time is always good when you deal with rockets. The broader aim is to get humans on to the move and colonize the planet to constantly sending back samples. Its something elon musk has spoken about doing on mars theres a lot to prove here. Is the Business Model sustainable . There are a number of companies all competing to do things in space. You have spacex, jeff bezos of blue origins what is true is that theres 21st Century Space race on our hands. All that is really exciting but i will have to take you back to by the coyit coyncoinbitcoinn big sale order that came through that took us back below the 1,000 level for bitcoin. Yes, we rallied 900 so far this year im wondering as more and more Institutional Investors are coming in and finding this as an asset class that is more or less reliable, do you think volatility will come back down at this point its so unpredictable. Yeah. Its still the early days of bitcoin. Its an extremely volatile asset. Up a few hundred announcements for products that Institutional Investors can get into but the Institutional Investors are still staying away when those products come into the market they may become more attractive and it may help to settle the price down. The reason weve seen such a huge rise in the price is a number of factors. One, its favorable regulation in the likes of japan, its the amount of regulators now looking into it, that spurred hopes that more institutions might get involved then some of these new products have come on the market, which is again hoping that the market is hoping this could increase the pool of investors in bitcoin. As the technology matures, the exchange matures, more participants are in the market, you will see that volatility to go down. For now there will be wild rides in bitcoin and the other cryptocurrencies as well thank you very much for that. Back to the markets. Asian tech stocks, they have fallen sharply with Semiconductor Stocks in taiwan and korea bearing the brunt of the selloff. This following a bruising session for the nasdaq which saw the worst daily performance since august the f. A. N. G. S led the way down with the likes of amazon, apple, facebook and google falling 2 and 4 heres a quick look at the tech names in europe. Some of them are down like austria microsystems, down 1. 73 . Others like asml seeing modest gains. I would think the selloff will be contained quite quickly probably investors just taking froth out of the market. When it comes to the broader european markets picture the xetra dax is up by 0. 2 . The cac 40 up by 0. 4 the ftse 100 is a laggard. Its the currency for the most part we saw the rise in pound sterling given the break through in brexit talks, thats putting pressure on the ftse 100 heres your look at utilities, telecoms, banks outperforms. Financial services, oil and gas turning flat media down because of daily mail falling 24 after weak numbers it is opec day brent crude is up by 0. 67 , 63. 53 what a remarkable rally weve seen in brent prices and pti prices over the course of the year wti crude, 57. 47, up by 0. 3 on the day. Volumes today are light. Trepidation ahead of that opec meeting. We are widely expecting the oil cuts to be extended throughout 2018 you are still looking at live pictures or you just saw them there of the room where opec ministers are meeting in vienna they are widely expected to strike a deal to extend crude production cuts by nine months but there are some suggestions that the move could be for only three or six months. Steve is just outside the room, ready to be let in and pounce on the key decisionmakers in the room we need to be a bit more patient and it will happen imminently. Senators in the u. S. Have begun debating the details of the tax overhaul bill as they inch closer to a vote. Momentum for the bill is growing after two dissenting voices in the republican ranks eventually voted in favor of moving the legislation ahead. Republicans wanted to get the bill signed off by the end of the year and janet yellen spoke in what is likely her final testimony on capitol hill as head of the central bank Steve Liesman has the story. Reporter the u. S. Economy got a better report card for the Third Quarter than the one first sent out the government revised up growth to 3. 3 from 3 , its the best economic showing since 2014, and marks the Second Quarter in a row of at least 3 growth. The cnbc rapid update estimate for the Fourth Quarter shows forecasters expect the economy to remain strong in this quarter as well. Fed chair janet yellen, in what was likely her final testimony before congress, said today it looks like the economy is hitting another year the economic expansion is increasingly broad based across sectors as well as across much of the global economy. I expect that with gradual adjustments in the stance of Monetary Policy, the economy will continue to expand and the job market will strengthen somewhat further, supporting faster growth and wages and incomes. Reporter yellens big concern is that the economy has yet to hit the 2 inflation goal, bu she sees early signs that wages for average americans might be on the rise. The fed in its beige book report on Regional Economic conditions said labor markets were tight around the country it found, quote, many districts reported that employers were raising wages as well as increasing their use of signing bonuses and other nonwage benefits to retain or attract employees. The next economic report card comes a week from friday with the november jobs report, the last jobs report before the fed meets, and as of now seems likely they will raise Interest Rates in middecember in response to strong Economic Growth back to the opec meeting we are seeing comments coming through on the wires according to dow jones, the Saudi Energy Minister says that saudi arabia expects everyone to stick with the agreement saudi arabia will continue being a catalyst for the High Performance of other producers Saudi Energy Minister also saying its premature to talk about an exit strategy he says we are going to be doing more of the same in 2018 lets hear from the other side the Iranian Oil Minister, he says maybe when asked if opec would review the deal in june, if the mar can the overheats thats a point of contention will we see regular reviews in place, official ones, even though steve has been pointing out this morning in his reporting that the reviews happen any ways, they may not be formalized at this point want to bring you a bit more coming from the Saudi Energy Minister, who is the king player within the opec group. The Saudi Energy Minister saying that he does not see an exit for the next couple of quarters. Doesnt see an exit in the first two quarters he says an eventual exit will be gradual. Sounds like Monetary Policy tightening or tapering at this point. He says when we do exit, we will do so gradually. Why . Because these opec cuts have pushed the markets higher. We are seeing a tremendous rally in brent prices, up 20 since july were trading above the 60 threshold, 63. 51 this is thanks in part to opec and also the better demand picture around the world moving on, italian utility acea would consider acquisition of commercial production assets. We are joined by the cfo of ace ash how do you take the time to speak with us. I know you have a busy day today. What are some of the key announce the ments youre makino investors today . Were explaining our plan and describing our plan, which is a plan of continuity for shares. And this plan is sort of back to basics to the core business of shares so, basically the plan is providing a very important Investment Plan for more than 3 billion in five years, 85 of this Investment Plan will be concentrated on the development of infrastructure. Basically on regulated businesses, mostly on the water, on the development of Water Infrastructure for water and the development of electrical infrastructure. Out of this 3. 1 billion, 400 million will be concentrated on development of new technologies. Let me pick up on that. 400 million, you will be spending on innovation smart and resilient grid, smart meters, automation, robotics this is the future how much demand is there at this point . Is this something you have to impose on the consumer or is the consumer saying we need this now . This development will be important to manage the traditional business in a more efficient way. If we consider that so far on the water, we have only traditional meters, why we are considering installing smart metering, which would allow us to manage the service for the customers in a much better and efficient way. On the electrical side, we are developing this plan for substituting old current meters with the 2. 0 smart meters. Which will provide new service to customers this will improve the quality of service to customers and the capacity of the company to manage the customer in a much more efficient way Utility Companies are usually a favorite punching bag when it comes to political campaigns given that italy is going into elections next year, how much pressure have you felt from the political side about luring energy costs clearly i joined this company, im quite new in the company, i joined beginning of september. I have to say so far my First Impression is that we are being managing and developing this plan in a totally independent way. Not without any political pressure, but clearly focusing on the quality of services to customers. So basically if we are maintaining a Straight Line for managing the business in the right way, the political side so far has not been changing or pushing us in any direction. We are totally independent you could argue utility provision and demand and consumption is completely separate from consumer sentiment. People are always going to be using water and electricity throughout the winter especially have you felt jitters going into the election season . We do not have a specific we do not expect a specific impact over the coming elections. We do not expect that. You arethe number one water provider in italy, the number two electricity distributor. You have a huge presence in the east of italy but also in latin america. Sorry. Im hearing that there is some movement at the opec meeting in vienna i assume we will head out there. Steve is there on the ground steve will go into the room where the opec ministers are meeting. Lets get to him i will pick it up there thank you very much for that lets just move on and try to get straight to the Saudi Oil Minister and find out whats going on hes sitting next to mr. Bakinder in terms of an agreement, where are we the consensus is almost, you know, complete there will be a decision we will announce it after the conference there are 24 participants, and each one of them has an equal vote in terms of where the market is, there is 100 agreement that the market is on its way to full recovery the fundamentals speak for themselves inventories have been drawn down, more than 50 of the target in 2017 we are entering a soft period of demand december through the First Quarter. So therefore those inventory draws will slow down and we may see a slight build in the First Quarter and we will have to wait until well into 2018 so the market doesnt want to see caveats built in the market doesnt want to see three, sixmonth caveats built in do you think thats what russia wants to see i think all of us want to be nimble and on our toes there is the best case the best case in terms of supply demand will require all of 2018. However, we will need to consider other events that will develop. We know there are too many variables at play in terms of supply and demand, that may surprise us. This group of 24 countries has been responsive and responsible. We have a joint Market Monitoring committee that meets bimonthly and a joint Technical Committee that meets monthly they will continue to monitor the market i dont expect anything to change the course that we are in so, we are probably going to adopt a decision that allows us to continue the process that has worked so well in 2017 and allow us to meet the target that we put for ourselves all along a year ago, which is to bring inventories down the growth of shale especially in china, sir, you are worried about that what happens beyond the ninemonth extension its premature to talk about an exit. We all know when its time to adjust to normal production levels, we will need to do it gently we will need to do it in a thoughtful and considered way. We will do it in consultation amongst the participating countries, and those countries will Spare Capacity and gradually bring back production to meet market demand and assure that we dont unnecessarily draw down inventories to a tight level that is not healthy. What about the growth of shale in china some ministers areconcerned about market share in china. How satisfied are you about compliance were extremely satisfied with the conformity levels weve seen its unprecedented that for opec and nonopec countries that we have come mreens well above 1 compliance well above 100 for many months in a row maybe here or there they are not meeting expectations we are having serious discussions with them. Frank and honest and discussions like the partners we are theyre promising to pick up compliance in 2018 but for those outliers, they have been more than offset by countries that have overdelivered. Saudi arabia as the president of the opec conference and as the biggest exporter, we have taken some of that load on our shoulders. Other countries have done the same some countries have experienced involuntary reductions of production beyond their commitments that has offset outliers on compliance i think what matters is the fact that inventories have come down. They have come down considerably whats important to focus on as we go into 2018 is that we still have about 50 of work to be done were not complacencomplacent im going into 2018 knowing were only half done we probably need 2018 to be fully done is it more difficult after a 30 gain in the last 12 months with the agreement to have the collective good in mind . Are people getting tired of the agreement because of the price gain at this stage i never had a price target in mind its always about fundamentals, bringing supply and demand to the right levels demand has responded nicely to our strategy weve seen 2017 demand extremely healthy. With the global gdp picking up further in 2018, i think demand will continue to be high supply on the other hand, that has been managed with the level of compliance i just talked about. Overhyped, overfeared response of shale has proven to be more timid than many fear i dont expect that to change considerably in 2018 so i think were going to 2018 knowing our strategy is working. Its working extremely well, but we also need to stay laser focused on fundamentals. We will not be distracted by gyrations in price that weve seen over the year at the end of the day, if we manage what we can control, the supply levels, the market will response positively. That is the questions being answered about what is going on at the moment, not overly concerned about the actions of some other Major Players as well let us move on lets chat with the Iranian Oil Minister if we can i will break through here. Try to get excuse me, sir all the opec numbers and producers are satisfied around 60 for brent. We did have record u. S. Oil production, highest in 30 years. If this continues, does opec need to adjust its strategy to better address the u. S. Shale threat we decide with the kul figures, not predicted if United States can enable to produce more and more out of the range we expected and predicted, then we will evaluate the market situation, the price, we will decide and adjust it how concerned are you about the resumptions of u. S. Sanctions . Increased u. S. Sanctions, increased bellicose language out of the u. S. Administration we have had the sanction against iran from the United States, unilateral sanctions this is important for us, the secretary council sanction, not u. S. Sanction. We can live with the u. S. Sanction we can coordinate us and other countries in the world, the world knows how to deal with the unilateral sanction of United States against iran. But these sanctions threaten the u. S. Companies benefits. I dont understand why u. S. Companies cannot enter in Iranian Market they cannot involve in their biggest oil projects in the world in iran. There are billions of dollars needed to be invested, we need technology, we have no difficulty with u. S. Companies i dont know why the administration United States administration puts sanction against them, not against us do you fear, sir, its going to stop the growth of the industry with other international players, the likes of total and others will find it difficult to take part do you think it will be difficult for International Companies to invest in iran if the u. S. Does ratchet up sanctions, even nonu. S. Companies, sir . We are discussing with many International Companies, not u. S. From the other areas, and so far everything is going well. I hopewe can sign some contracts by the end of this year, International Companies. Is the barrier to the growth of the iranian Oil Production s it an opec agreement or the threat of International Action from the administration . Opec decision is short. Our contracts have through put not before three years, next three years. Thank you very much there you heard, it seems according to the Iranian Oil Minister that actually its the u. S. Companies themselves that are going to be struggling lets talk to another very interesting gentleman, former opec president , who represents qatar as well. Ill try to get to speak to the qatar oil minister of course, big concerns out there as well about the relationship between qatar and indeed gcc partners. After the kuwait tv company asks a question, well get in a word. Is opec successfully leaving politics at the door and concentrating on oil policy . I within a yoant your take on t. Opec and nonparticipanting countries have been successful at applying the agreement faithfully, which was the agreement made last year and all indications are that the drop in the oil stock, commercial oil stock, and now we are more than half to the target of 5 years average thats success by itself balancing the market would result in a fair price, rather than setting a certain price, we leave the market to determine the price. We make sure the market is balanced supply and demand is balanced, more than balanced now that demand is slightly higher than the supply that contributed gradually to the drop of commercial stock heading towards the fiveyear average. Youre not concerned that regional rivalry, tensions will blight your longer term growth story and stability in the region and stability for the price as well . Qatar met successfully all the challenges invoking a successful continuity plan we met the challenges successfully and the parameter indicators of the success is that qatar did not miss a single shipment, be it the lng products or the crude oil thank you very much nice to see you again. So we heard from qatar saying regional rivalries can be left at the door. We heard from iran who dont seem to have any concerns about politics apart from as you mentioned, for u. S. Companies. Im looking around the room seeing who else we want to be speaking to at this moment of course the Saudi Arabian president of opec is soon to change over. Lets have a quick word with the algerian oil minister. How are you . In terms of where algeria is at the moment, where do we go next in terms of the deal are you happy for a ninemonth extension without any caveats in [ speaking Foreign Language ]. Translator im happy most American Homeowners would be shocked if they knew just how rich they were. The average American Home value has increased 40,000 over the last 5 years. But many dont know you can access that money without refinancing or selling your home. With a home equity loan, you can pull cash out of your house for anything you need home improvement, college tuition, even finally getting out of credit card debt. Come to lendingtree. Com to shop and compare home equity loans right now. Because at lendingtree, when banks compete, you win. Tech takes a time out. The nasdaq under pressure today as the dow soars to new highs. Decision day for opec. Oil ministers expected to make a major production announcement. Were live at the cartels meeting in vienna. And is bitcoin a bubble. The big fears brewing over the hottest thing on wall street its thursday, november 30, 2017, Worldwide Exchange begins right now good morning a warm welcome to Worldwide Exchange on cnbc, im wilfred frost