A very warm welcome to the program from all of us here at r t h q in moscow thanks for joining us this hour. World oil stocks are taking a major hit following the failure of crude producing countries to agree to production cuts as a man for oil falls amid fears about the coronavirus saudi arabia says it will increase output after a dispute with russia with more heres our. Quite a somber atmosphere here on wall street they are already calling it black monday we saw a 15 minute free is on futures trading when the stock market opened big dramatic plunge on the stock market the biggest drop weve seen since the 2008 financial crisis and on top of all of that weve got an Oil Price Drop 30 percent decline in the price of oil a plunge in the price of oil the biggest drop weve ever seen in oil sense in 1901 and at this point it being traced back essentially to the negotiations with opec saudi arabia has come forward and called for a decrease in Oil Production due to limited demand around the coronavirus well russia has come forward and said that this call for a reduction in Oil Production and a cap on Oil Production doesnt really make sense because it would give the United States an unfair advantage that this is what has been said by russian officials the Russian Oil Industry has a high quality Resource Base and a sufficient financial strength to remain competitive any predicted price level as well as maintain its market share for russias interests this deal is simply logical we giving up our own markets remove cheap arab and russian oil to make way for expensive american shield and make it worthwhile for them saudi arabia did not appreciate russia refusing to go along with their proposal for a production cap and so they flooded the market and the price has dramatically gone down 30 percent drop 31. 00 a barrel here in the United States and in response to that weve got economists talking about how dangerous this situation really is we believe the. Price war on equivocally still to this weekend when saudi arabia aggressively cut the relative price which is still that is crude but the most at least 20 years this is turned into a scorched earth approach by saudi arabia in particular to deal with the problem of crude. Production the saudis are the lowest cost producer by far at this point the whole world is waiting to see who will blink 1st russia or saudi arabia now the Shale Companies in the United States those are companies that extract oil and natural gas from the shale of United States through the practice of hydraulic fracking they have been suffering quite a bit furthermore weve got algeria and france and other countries stepping up and calling on saudi arabia to negotiate and saying that theyve got to get this resolved the World Economy is in a jam people are very very nervous well wait to see what happens next. Now to discuss this further were joined live by alessandro Burnout Research director at an x t analytic youre very welcome to the program now as well now u. S. Markets took a big tumble on monday how much of that is due to the situation with oil. Hello thank you for having me well the situation rio has precipitated or accelerated a decline that has been already occurring. Coronavirus fear so this is a Coronavirus Oil combination. One of those events that people describe as black swans because nobody can predict nobody can predict them and the consequences are typically drops of this kind its always the lowest drop since some major event i mean right now this stock market is at the same level it was in late 2018 so weve lost over kind 2 years of gains. Now the oil prices the oil prices situation is very. Complicated because weve got saudi arabia which can sustain the lowest cost production. And therefore the lowest. Price of oil lowering prices to define i its. Everyone else because nobody gains from this whatsoever. And in fact i would say that russia given its the financial policies of the past few years in particular the accumulation of gold lets not forget that russia and china have been accumulating a lot of gold and one of the benefits one of the beneficiaries of this crisis would probably be gold today i believe it closed at 16751675 dollars. An ounce so. Russia can probably sustain this for longer than saudi arabia. Saudi arabia its truly mind boggling what they are crown prince being some on the side because. By lowering prices he also lowers saudi arabias budget capabilities and with a lower budget there are fewer social services to go around and to keep political stability so hes truly hes got the this must be a short term strategy to achieve some kind of talks but i think saudi arabia does not have the antibodies to sustain this kind of price cut for wrong well and at the same time along with that price cut the saudis over the weekend wanted russia to cut production and now theyre increasing production themselves wheres the logic him in a move like that. Well there put they think theyre putting pressure on russia but. Theyre also putting pressure and i have not seen surprisingly articles about this but theyre putting a lot of pressure on iran because iran needs with the political turmoil and. Fuel a story accentuated also by. Coronavirus its one of the countrys most affected i believe the Health Minister dying or one of the key ministers died from coronavirus recently so they are fighting an intense political battle at home and they need high budget now the the ukrainian economy is far more diversified than the saudi ones so. But at the same time that seems to be to me that would be more to target than than russia is if the saudis understand what russias internal financial conditions are and were not russia is no longer to russia 1998 when it had the. Humiliating financial crisis. Which led to devaluation of the rouble and probably the reason why one of Boris Yeltsin finally resigned in favor of current president putin so russia is in a much better position than it was 20 years ago so. And also russia and saudi arabia have sort of reached. A few agreements in the past couple of months over syria in particular i think it was in october that president putin visited saudi arabia and signed considerable corporation deals so the saudis themselves i believe had expressed interest in some sophisticated russian weaponry so. Its its a very difficult situation with mysterious actions here because. Which can only suggest they will be short term because there is no ways the saudis can sustain this kind of. Policy so how exactly do you see this playing out for the saudis is there any chance of them winning with this gamble that theyre taking. No i think the gamble theyre taking is. Already as. Mob and reported earlier jerry has been calling for a reversal of this policy there are a number of countries in opec that that need. Higher oil prices you know jerry is having its own political turmoil libyas Oil Production well thats. In turmoil for other reasons but Everyone Needs in the arab world in particular states account for most of spending so they need high budgets they need. If theyve got oil they need oil prices to be at a reasonable level. And. In this situation there is a lot of. Political politically extremely risky if it goes on for wrong. Which also by the way. Follows up on other odd moves that weve heard over the past few days in saudi arabia apparently print some money had. 3 major officials including the former director of the secret services in saudi arabia prince nayef. Arrested on charges of espionage. Now that seems the charges of not being corroborated but it seems like another action similar to what happened a few years ago. When he had a number of important saudi officials arrested. And then. Some ransoms were paid gradually to be released so we have 2. Interesting phenomena happening at the same time the political insanity of the internal affairs and Oil Prices Also and of Burnout Research director at an extreme analytic thank you for your time and your comments thank you very much. Turkeys president was in brussels on monday in a bid to find a compromise to the unfolding right crisis at the greek Turkish Border visit comes amid a deepening diplomatic standoff between ankara and athens that left tens of thousands stranded at the frontier as our europe correspondent peter all of our with more. There was no joint press conference between the e. U. Side and the turkish side following this meeting but we did hear from sharp michele the European Council president and on the line the European Commission president mr michel well he said that this was a step forward that had been taken in relations between the e. U. And to that these talks were important in establishing progress in the short to medium to long term and he said that the slack would now be taken up by yourself by l. B. High representative for Foreign Affairs whod be working closely with the Turkish Foreign minister to try and get well come to a solution to the current impasse over the 2016 e. U. Turkey refugee deal he also said that there would be called the contact over the coming days between the e. U. Side and president one of turkey. On the line for her part she said that it was important that there was lines of communication still open pretty much thats where we are at the moment theyre happy that theyre still able to talk to one another face to face very diplomatic language used by the European Commission president as you would youd really expect essentially saying that more both sides agree to disagree at the moment todays discussion focused on mapping the areas in which we can work both in the e. U. s interest and in turkeys interest and indeed as you said a lot goes back to the e. U. Churchy statement of 2016 which remains valid Commission President was also asked about the actions of greek authorities out the border the question came from a turkish journalist who to accused the greek side of Excessive Force now on the line said its borders were important to be protected but so was the right to asylum that all force that was used to be proportionate. Basically the situation we have at the moment is to he isnt happy with the current deal its on the table it says its manageable if there is a chance that certain aspects of it could be reopened back in 2016 they werent able to get the visa liberalization that they wanted theres also some that turkey will be looking for more cash essentially from the European Union if thats coming and in walked for that money would come well thats going to have to be ironed out over the coming days in these talks that are going to continue basically the current deal does seem dead the new deal well they havent agreed on that yet geopolitics expert Pierre Emmanuel to man believes the e. U. Wants to ramp up the pressure pressure on turkey but doesnt have the means. It was a 1st meeting but each reserved. A no no decision october sort of because we are big disagreements not only between the e. U. And turkey but weve even the European Union who would like to appear. To show strength in front of turkey because who took we did our gratian against you using the migration of crises and job particular weapon but actually used very reach and the border is not to cross. But by you or migrants pushed by turkey because Greece National board of greece is kept by your greek government on greek Police Forces but surreal each on the ground. In an attempt to curb the spread of the coronavirus the attire and Prime Minister has announced a nationwide ban on all public gatherings the drastic measure comes as the number of infections in the world a 2nd worst hit country reached over 9000 growing by more than one and a half 1000 overnight while the number of deaths has risen by almost 100 since yesterday and the latest restrictions uprisings broke out in a number of jails despite the science demands for improved conditions prisoners have been reportedly angered by new rules which have seen a suspension of family visits this fraud footage shows a group of inmates on the roof of the cemetery prison in milan burning items and shouting for freedom but the most severe revolt was seen in the Northern City of modena which left 6 inmates dead and in sicily the relatives of some detainees gathered near a jail concern over a potential prisoner infection. That was so well its grown maryse has been raging for almost 3 months. We spoke about everything except the prisoners this is unfair because in this building you dont even have events right now an ambulance has just gone in and we have no idea why one of the ministers to be prompted all of this people have sentences of less than 5 years have to be treated as deep in measures at home as. We discussed the prison protests as well as italy and europes response to the Coronavirus Crisis with political analyst paul or a phony he believes that u. S. Efforts have fallen short. Definitely there are in the prison those interests but of course d. C. Is used to 2 outcries within the christians and try to get the permissions to return home at least dont really so be says quite disturbing events measures to be increased in the prisons because of course the inmates are very close to each other the possibility oh. Im straight it means there but i mean all this out crossing is. Not actually not just definitely. This is a bit of far mismatch in the provisions that the doctor says but on the other hand they say that means italy is a democratic country and there are a number of interests to be taken into account the e. U. Has confidences and can intervene above the Member States but even in this case we could pass a c. E. O. Of the e. U. To intervene in this emergency as being very vague because he calling just the sort of solidarity among states which has not been seen. Scores of south African Women were sterilized and Public Hospitals without their consent has revelations have come to light in a new report and we spoke to one of the victims who found that her uterus had been removed only when she tried to get pregnant 11 years later. Burstall of the b. Was to be and they had to perform am i c section and remember when i walk up i ask them why they have reached by mitch or my family then they explain that the b. Was too big and they include a nice 16 a good engaged after trying for about 4 to 5 months. Without me being able to conceive with any thought i should go see a doctor i really just thought it was just my. Infertility issues dr will prescribe medication over fine and when it goes there thats when i learned that i didnt have to risk it all i dont think there was anything wrong with me i didnt have any complications before birth and i didnt have any complications after birth for some reason for im known reason they just decided to move my uterus im seeing this and nongreasy in because as im sitting here at this moment i dont know why i was leading this to alive when i met with dr ed ridge who confirmed that he was in the procedure happened he also could not give me the answer all you could say to me was that they did the operation to save my life i dont notice of my life from what the commission for gender equality investigated complaints from 48 victims south africa saw sterilization as a way to fight hiv and hospital staff for some of the women to sign consent forms according to the World Health Organization the country suffers from the Worlds Largest hiv epidemic more than 4000000 women are hiv positive according to the report illegal sterilization was carried out in 15 Public Hospitals between 20022005 the study was complicated by the fact hospital staff had tried to hide documentation or the victim we spoke to says shes not even hiv positive. Im not any positive our high. Offices theyre quite aware of this and ill say this in camera they are quite aware of the practice and the doing anything new i mean been held accountable it seems like our drug. Of the law i didnt the same and i couldnt have signed it because at that time i was a minor and my mom who was there with me all the time also didnt say any qualms and form no woman deserves to go through what i am going through and why 2 are all going through it is literally listeria lives i do not want to my daughter to be singing the same song that im singing today because its time bearable with the pain that comes with this its a its unbearable and most of all rides. To my right as a human being were very laid to my right is a woman and ted my reproduction right were taken away from me and no woman ever and so therefore the should go through what through we have contacted south africas Health Authorities for comment i will bring you any response meanwhile the Health Minister now wants to urgently investigate the issue. A trial has gotten underway in the netherlands of 3 russians and a ukrainian accused over the downing of flight m. H. 17 the Malaysian Airlines boeing was blown out of the sky over Eastern Ukraine almost 6 years ago killing all 298 people on board russia rejects the accusations and claims the investigation is biased to charlotte devinsky has been following the case. Weve been getting lots of information about how the court will proceed not just over the next few weeks but over the next few months and beyond this is all taking place at the court behind me which is the scriptural judicial complex in the shadow here of the airport where m. H. 17 made that final flight that fatal flight which ended in the deaths of 298 individuals what we know is that all 4 men the 3 russians and one ukrainian have denied the charges against them those charges of been suspected of being involved in transporting a book a missile from russia into Eastern Ukraine 3 of the men will be tried in absentia they are not here the 4th man or leg of is also not here but he has a defense team that he has appointed and he is denied outright all of the charges against him the names of the victims of the mh 17 crash all read out to the court this morning the judge that had judge describing the heavy silence in the court as people listened to those names he also talked about this being a court case that had already been played out in the media and he said it was something that had fired debates weve also heard from the opening remarks of the Prosecution Team who talked also about the family victims and their statements on. Another relative explained in detail how the family responded how difficult it was she describes her sorrow like this everything feels meaningless i have no energy cost or connection with lifes goodness while this criminal trial will come as a relief for some for others it will be a heavy burden to bear every time the inmate 17 investigation appears in the news one relative may feel hopeful another has their wounds reopened well the head judge described what happened to m. H. 17. It is being an atrocious disaster he also said that while the 4 men are suspected of being involved in transporting that look missile from russia to ukraine and the trials will be held simultaneously they cases will not be joined weve been taking a look back at how this court case arrived its a trial its set to last more than a year 3 russians and the ukrainian are accused of helping to bring a book Missile Launch from russia into Eastern Ukraine where it fired the fatal shot that brought down the boeing 777 some of those that we expect to be here are 13 secret witnesses whose identities are being protected and thats because dutch prosecutors say they face significant risks to their safety but even before the court has heard a single argument some are treating the trial as a story that already has no stone left unturned brushes probably involved and if involved theyre probably going to cover it up 51 percent of russians and directly involved are right now it looks like its russias fault because. Its russias fault. Its clear some dont need to wait for any Court Verdict to draw up their own conclusions russia claims this kind of coverage has a clear intention in the Media Campaign has taken an unprecedented scale of russia and its citizens are presumed guilty that is unacceptable it has been launched in the last few days prior to the hearings in order to compensate for existing gaps in the evidence and to conceal the attempts to manipulate the facts so that it fits with a chosen theory prosecutors say they have evidence that the book a Missile System was transported from russia into the Donetsk Region of ukraine in the days before it was fired now russia says thats not true its presented evidence that the fatal missile serial number. Can be traced all the way back to the 1980 s. When it says it was transported to ukraine then a member of the soviet union and its there it stayed after the collapse of the u. S. S. R. But the joint Investigation Team into the mh 17 tragedy has russia says ignored what it believes is a crucial piece of the jigsaw russia was also refused full participation in the probe and as such says it will not recognize the verdict reached here by the Court Despite the fact russia was denied being a full participant of the joint Investigation Team since the very 1st day of the tragedy the Russian Federation has actively assisted the investigation and during the past year is conveyed to a dutch colleagues a large amount of data connected with the mh 17 crash unfortunately most of these materials were ignored by the joint Investigation Team this includes a test by the book manufacturer to try and pinpoint the location it was shot from. Russia claims that test shows the mis are likely came from an area controlled by Ukrainian Forces but the findings were checked it by the j. I. T. With its report stating that russia and ukrainian rebels were responsible. For that r. C. We have established that the Russian Federation was complicit in the downing of m h 17 because they made available the weapon that was used to shoot down the plane we have all the material to substantiate that the official investigation also received criticism from malaysia 43 malaysians died in the catastrophe which involved the countrys National Carrier but his thought is they were not given full access to essential information that was contained in the black box of the flight recorders while the countries are now. Former Prime Minister has raised doubts from the very beginning we see too much politics in the idea was to find. These happen when not all that. Seem to be concentrated on clay need to be on russia many relatives of those who were killed in the mh 17 disaster are expected to be present at the trial so them this is a court case about finding the truth and perhaps finding closure for a devastating chapter of their lives some have already suit ukraine for not closing its skies over a conflict zone in the east of the country but whatever the outcome here regardless of whether the 4 men are found guilty or innocent nothing will ever bring back their loved ones shoulder. R. T. In them. Thats a news break down for this hour and thats all for me as well today but were not Daniel Hawkins will be taking over at about 30 minutes time thanks for tuning in wherever you may be. Russia and turkey negotiate deescalation regarding what is next for syria also the coronavirus is a time to start rethinking the impact of globalization. Dumb ass sure if thats where were going underground im a dog able escalating chances