Key players in the Energy Sector are meeting in abu dhabi for the International Petroleum exhibition and conference. The focus this year is on ways the industry can accelerate the transition to clean energy, without causing chaos in energy supply. We supply. See demand this year growing at we see demand this year growing at 2. 4 Million Barrels a day year on year growth, next year we see demand continue to grow at about north of 2 Million Barrels a day. All subject to some of the uncertainties in the global markets, we were expecting earlier on in the year a bit faster growth for china, it has slowed down compared to what we were expecting, nevertheless still feel quite optimistic with the Global Economy state, we feel Global Economy state, we feel Global Oil Demand will be quite resilient lets say this year. Opec plus is restricting supply of oil currently in particular saudi arabia and russia, to boost prices. How high do you want oil prices to go . Boost prices. How high do you want oil prices to go . Well, we dont target want oil prices to go . Well, we dont target oil want oil prices to go . Well, we dont target oil prices, want oil prices to go . Well, we dont target oil prices, as want oil prices to go . Well, we dont target oil prices, as you | dont target oil prices, as you know this is a voluntary decision taken by two sovereign nations, saudi arabia and russia which you mention case in point, this decision can be described as precautionary, may pre emptive as well, because of the uncertainties i highlighted in my earlier comments. Last week we in my earlier comments. Last week we saw in my earlier comments. Last week we saw the in my earlier comments. Last week we saw the price in my earlier comments. Last week we saw the price of in my earlier comments. Last week we saw the price of brent crude at 97 a barrel, many Investment Bankers predicting it will hurt 100 a barrel soon, are you concerned about that and the impact it will have on inflation for many key economies around the world . fine economies around the world . One ofthe economies around the world . One of the Ke Economies Around The World . Que of the key things economies around the world . Iez of the key things i economies around the world . I2 of the key things i would like to highlight and this is the important thing is not to look at things on a shortsighted manner we have always said opec talked about the concern we have for future underinvestment as some have called for stopping investment in oil, we believe this is equally dangerous, this will lead to volatility in the future, possibly supply shortages and therefore we at opec have always advocated for the importance of continuing to invest in the oil industry as we also invest and decarbonise in the industry and move on to adding otherforms of adding other forms of Alternative Energy such as renewables. Alternative energy such as renewables. �. Renewables. Are you concerned about the renewables. Are you concerned about the situation renewables. Are you concerned about the situation about the situation situation at the moment, washington has been very vocal with Oil Prices Going up and up and up and you have Cut Production at opec in the past, it is not said anything about this recently but they have an election next year but deprived at the pump is high, that will an issue . At the pump is high, that will an issue . At the pump is high, that will an issue . ,. ,. An issue . For our prospective we look at an issue . For our prospective we look at the an issue . For our prospective we look at the holistic an issue . For our prospective we look at the holistic picture l we look at the holistic picture supply and demand we have and we have a Technical Monitoring Committee that meets on a bimonthly basis hands on approach, as i said proactive, pre emptive and precautionary. Lets talk about those ministerial meetings you have one on wednesday of this week, will there be changes to the current Production Cuts announced . Current Production Cuts announced . Current Production Cuts announced . , i, announced . We have an agreement in lace announced . We have an agreement in place that announced . We have an agreement in place that runs announced . We have an agreement in place that runs to announced . We have an agreement in place that runs to the announced . We have an agreement in place that runs to the end in place that runs to the end of 2024. I cannot say what the outcome of this meeting will be yet, we have to wait and wait and see. ~ i, yet, we have to wait and wait and see yet, we have to wait and wait and see. ~. ,. , i. And see. What do you see your role at opec and see. What do you see your role at opec as and see. What do you see your role at opec as the and see. What do you see your role at opec as the Secretary L Role at opec as the Secretary General of opec to lead the way when it comes to investment with Renewable Energy . Imith when it comes to investment with Renewable Energy . With as opec we with Renewable Energy . With as opec we are with Renewable Energy . With as opec we are advocating with Renewable Energy . With as opec we are advocating for i as opec we are advocating for the importance of investing in oil, the value chain of the oil industry they value chain that requires investment across the board, we see that number being close to 14 Trillion Us Dollars from now to the year 2045. That is for oil at the same time, our member countries are investing massively in renewables, Energy Demand will grow by nearly 25 by the year 2045 compared to what it is today. All forms of energies will be required, therefore we are investing in everything, Hydrogen Technologies to decarbonise the oil industry such as direct air capture and cts and every thing that relates to reducing emissions so we take a holistic approach to the way we look at energy at opec and our member countries. The Secretary General of opec i spoke to yesterday to say brent crude is trading below 90 a barrel today at a three week low which is interesting, the latest on oil markets. Lets get some of the days other news now. Burger king remains open as usual in russia despite the brands owner pledging to leave more than a year ago. Restaurant brands international, which owns 15 of the fast foods Franchise Business in russia, told the bbc it had no new updates to share at this time on its exit. The firm said in march 2022 that it had started the process to leave russia. Here in the uk, fierce competition between supermarkets has led to the first monthly drop in food prices for more than two years. The British Retail Consortium said prices in september were down 0. 1 from the previous month. Prices of dairy goods, margarine, fish and vegetables all saw falls. Australias Central Bank HeldInterest Rates steady for a fourth consecutive month, but again warned that it was ready to raise Interest Rates if inflation didnt slow in the coming months. The Reserve Bank Of Australia held rates at 4. 1 percent and said recent data were consistent with inflation returning to its two percent target at some point next year. More now on the row over the future of hs2 that is overshadowing the conservative Party Conference. The conservative mayor of the west midlands, andy street, warns rishi sunak would be Cancelling The Future if he gives up on the manchester leg of the high speed rail line. Hs2 has faced delays, spiralling costs and cuts. The first estimate in 2010 was the total cost would be around 33 billion pounds, but the governments most recent official estimate expects that figure to be closer to 71 billion pounds. Joshua mahony is Chief Market Analyst at scope markets. Good morning to you. Just give us your take on this huge row with regards to hs2, it is expected the Prime Minister will have to stay some this week . ,. , i, will have to stay some this week . ,. ,. , i, week . Yes, certainly, i do not think it is week . Yes, certainly, i do not think it is a week . Yes, certainly, i do not think it is a great week . Yes, certainly, i do not think it is a great look, week . Yes, certainly, i do not think it is a great look, quite l think it is a great look, quite frankly given the fact this is essentially the flagship Infrastructure Project under the tories. There is two sides of it, one side is as you alluded to, the spiralling cost and the cost of debt at the moment with higher Interest Rates, and the other side is the need to spread growth throughout the uk. Bear in mind if you take away london, we essentially have a country that has the same quality of living is mississippi, and if you look at other european nations, the output per person with the uk if you take out london, it is 14 lower, in terms of the likes of germany, it is around about 5 , so 1 lower with munich taken outcome in terms of holland, 5 loss with amsterdam taken out. We are heavily reliant on london if we can spread that grow through the country, with levelling up they have talked it up and now they have talked it up and now they are realising much like you and i have probably seen the cost spiral of any Energy Anything done at home, the same kind of story in terms of work done on hs2, they are also looking at the cost of debt at the moment with it much either, it means the potential £71 billion is set to really spiral in the future, they are taking on any new debt in long term it will cost a lot more money than they would have a couple of years ago. In they would have a couple of years age they would have a couple of years ago. In terms of those who are years ago. In terms of those who are calling years ago. In terms of those who are calling on years ago. In terms of those who are calling on the years ago. In terms of those who are calling on the line l years ago. In terms of those l who are calling on the line not to be scaled back, the former Prime Minister is Theresa May Borisjohnson and David Cameron adding invoices to the original Plan Campaign . The line would go all the way to manchester and beyond was the original idea and this is where the conservative Party Conference is happening, and manchester. It will be such a huge, such a huge black if rishi sunak doesnt go ahead with what is expected and say we will be stopping this link at birmingham . Backlash. {iii birmingham . Backlash. Of course, birmingham . Backlash. Of course, and this is about spreading growth throughout the country people may be in the southeast may not have such an outcry as people and these other regions but this is especially important for a country that as i said is relatively uneven in nature, we need to be able to level up these different regions and if you pull away from that you will find people within the regions going to be questioning the tories at the next upcoming election. ,. ,. ,. , election. News about the London Stock Exchange election. News about the London Stock Exchange overtaking Stock Exchange overtaking paris, do tell . Stock exchange overtaking paris, do tell . Yes, the value the total paris, do tell . Yes, the value the total value paris, do tell . Yes, the value the total value of paris, do tell . Yes, the value the total value of uk paris, do tell . Yes, the value the total value of uk stocks i the total value of uk stocks now approaching that level of the french index, they overtook the french index, they overtook the uk around about a year ago less than that, ultimately this has been the story of Weakness Overin has been the story of weakness over in france, around about the fifth of the index is made up the fifth of the index is made up from Luxury Brands and of course the story coming out of china has seen their market value quite heavily. So we still have that strengthen the uk with Growth Numbers coming out better than expected, they thought we would be the Problem Child of europe, it is not necessarily happened, it has not happened this year in the uk stock market looking relatively strong in outperforming western peers over the last month. Outperforming western peers over the last month. Thank you very much. Over the last month. Thank you very much. Good over the last month. Thank you very much, good to over the last month. Thank you very much, good to get over the last month. Thank you very much, good to get your. Very much, good to get your take on these stories. Lets turn our attention to nigeria where planned nationwide strikes across the country have been cancelled lets turn our attention to nigeria where planned nationwide strikes across the country have been cancelled after last minute talks between unions and the government. The countrys two largest trade unions the Nigeria Labour congress and trade Union Congress had planned to stage Strike Action today over the governments Austerity Measures. Nigerias Inflation Rate is now over 25 , the highest rate the country has seen in almost two decades. For more on the situation, i am joined from lagos by the bbc� s west Africa Senior businessjournalist nkechi ogbonna. Tell us what has happened, what is the latest on this in terms of effect they saw a breakthrough with talks . Sally, what was a breakthrough with talks . Sally, what was a shocking breakthrough with talks . Sally, what was a shocking revelation | what was a shocking revelation to some people who had made up their minds not to go to work following the union instructions, saw that call off late last night, it was over five hour long negotiations between the unions and the government. A Memorandum Of Understanding was signed for implementation, within the next couple of days, where after which they said they would reconvene and decide to embark on a strike after 30 days the articles and that memorandum were not met by the government. And how have government Austerity Measures impacted businesses in real terms . Following the removal of inaudible, fuel prices have spiked 400 in the last couple of months, it has affected the Cost Of Living, food and commodity prices, and even Transportation Cost as well, businesses have seen the worst of hardships in recent times, the cost of production has in some cases tripled, this is due to increase in fuel costs, a lot of production is done using Oil Generators a lot of businesses rely on fuel and diesel generators to power their plans, owing to the country � s epileptic power supply that has had a Ripple Effect on the cost of goods. Talk us through what the unions have been demanding, as we mentioned Strike Action called off for now, what have they gotten terms their demands . They have quite a lot of demands on the list, chief among them is an increase in the National Minimum wage, currently the National Minimum wage is 32 but the unions want it to be up to 250 in local currency. The president on the Independence Day speech added about 30 to the National Minimum wage butjust for a period of six months, to help nigerian workers absorb the shock of the fuel subsidy but the Laboured Union is saying thatis the Laboured Union is saying that is definitely unsustainable. , unsustainable. What can we ex ect, unsustainable. What can we exoeet. Going unsustainable. What can we expect, Going Forward . Unsustainable. What can we expect, Going Forward . Thej expect, Going Forward . The government expect, Going Forward . The government is expect, Going Forward . Ti2 government is frantically looking for ways to pacify the Labour Unions and nigerian workers in general because in