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 Strike Action would mean a total shutdown of the economy, currently we are seeing inflation at 25 and so nigerian workers have said they are determined to fight this to the finish, we expect more negotiations between nigerian unions and the government in coming weeks but hopefully the implementation of memorandum signed last night would put an end to the impending indefinite strike in the next 30 days. Bbc� s west Africa Senior business journalist nkechi ogbonna. Around the world and across the uk, this is bbc news. Voiceover bbc news, bringing you different stories from across the uk. Ijust keep this wretched thing out of the way. Out of sight, zip it away, forget it. Thats been 79 year old tricia barrens solution ever since she got her new phone. And its the same story for so many older people who are being invited to these free it sessions in birmingham. From the old school where we used to face to face, deal with banks, deal with people, get feedback. Any difficulties we have then . You know, it was much more easier. This class In The City Centre is the first of around 1000 which bt and uk Charity Ability net are running up and down the country with more services moving online, people at this session know they have to change with the times. There are 11 Million People in the uk who dont have the basic Digital Skills that they need and we know that people over 65 are ten times more likely to fall into that category. For more stories from across the uk, head to the bbc news website. Youre live with bbc news. Lets continue with the top business stories. Microsofts chief executive, satya nadella, has testified that googles Search Engine was so dominant, even his company struggled to compete on the internet. He is the governments highest Profile Witness in its Landmark Monopoly Case against google. Our north America Business correspondent Michelle Fleury reports from new york. Go on apples Safari Web Browser and you will find the google Search Engine automatically pops up. That is no accident. It is the result of an expensive contract between google and apple. The microsoft chief executive blamed these sorts of deals for making google so dominant, appearing in person, he told Aipac To Dc Court that because of these default agreements you get up in the morning and you brush your teeth and you search on google, he said. Thejustice department of the case revolves around these deals which ensure that pretty much every smart phone sold in america comes Out Of The Box with Google Search preinstalled. Microsoft boss said his company has invested more than 100 billion into the development of its own Search Engine. It has also invested heavily on Artificial Intelligence and is considered a front runner. But he warned that there were limits to how far ai could reshape the market. Here is � s appearance comes many years after the tech giant faces Monopoly Case settled back in 2001 and which paved the way for competitors like google. Shares in Chinas Evergrande have resumed trading in hong kong, opening some 10 higher. Trading in the chinese Property Developer was suspended last thursday following a report that its founder and chair were under police surveillance. Live now to our Asia Business hub in Singapore Wherejoao Da Silva joins us. What is the latest on this . Evergrande shares, how are they doing . Evergrande shares, how are they doinu . ,. , evergrande shares, how are they doinu . ,. ,. , doing . Trading in shares of the chinese property doing . Trading in shares of the chinese Property Developer doing . Trading in shares of the| chinese Property Developer has been extremely volatile since it resumed a few hours ago. At one point this morning they jumped as much as 42 , they are currently trading at about 15 higher. This was a much shorter suspension than the previous suspension than the previous suspension which lasted about 17 months and ended only about a month ago. This doesnt mean that situation right now is any less serious. This trading halt as you mentioned, there was a leaked news that the company was the chairman and founder is being investigated by police and is under police surveillance. It is unclear what he is being accused but the company only he is suspected of illegal crimes. Regardless of the exact meaning of this, it is bad news for evergrande, which has been really trying to get creditors approval for restructuring instead. At the end of the month the company is also facing a Court Hearing in hong kong on the winding up a petition that could potentially force it into liquidation. Just talk us through force it into liquidation. Just talk us through what is ahead, because this story has dominated, hasnt it, for such a long time now. A long time now. Well, this Court Hearing a long time now. Well, this Court Hearing is a long time now. Well, this Court Hearing is coming a long time now. Well, this Court Hearing is coming up| a long time now. Well, this i Court Hearing is coming up at the end of the month, and if Indeed Evergrande is forced into liquidation, we could be looking at a potential collapse. So the clock really is ticking for evergrande. Its share price right now, all this volatility is a testament to that. Evergrande is of course the worlds most indebted Property Developer. Some analysts right now think evergrande is to be to fail, meaning they believe authorities would step in at the last minute to save it. But for other analysts, the opposite is true. I think that authorities would want to send authorities would want to send a message to other Property Developers, they would not intervene in the Property Giant would be allowed to collapse with all the serious consequences that such a situation would entail for the property sector and of course for the wider chinese economy. 0k, for the wider chinese economy. Ok, thank you so much. I would just like to highlight as well on our website there is a Special Report that has been put together from hong Special Report that has been put togetherfrom Hong Kong Special report that has been put together from hong kong and singapore report as well as look at some of the people who have scrimp and saved and put life savings in down payments on flats yet to be built by evergrande. It is a really interesting read so take a look at that on bbc online. Turning to the car industry. Its one of the top 10 selling brands in the world, beating Mercedes Benz and bmw. And in the ev market, it has beaten tesla in china, home to the Worlds Largest auto market. But in parts of North America and europe, byd is not a household name. My colleague Monica Miller went for a ride in singapore to find out what they hype is all about. If you really want to know how a car performs, ask a taxi driver. This person has been behind the wheel for the evolution of cars from diesel fuel to hybrid. Now electric. He has been driving a byd for about a year now. About a year now. There is no combustion about a year now. There is no Combustion Engine about a year now. There is no Combustion Engine so about a year now. There is no Combustion Engine so it about a year now. There is no Combustion Engine so it is about a year now. There is no | Combustion Engine so it is very quiet as you can see now, very quiet, and the drive is very smooth. Quiet, and the drive is very smooth quiet, and the drive is very smooth. ,. Smooth. He leases the vehicle from a company smooth. He leases the vehicle from a company that smooth. He leases the vehicle from a company that is smooth. He leases the vehicle i from a company that is Managing Director says the byd feature that won him over was the battery life and recall and hot conditions. We battery life and recall and hot conditions. Battery life and recall and hot conditions. We are looking for a vehicle that conditions. We are looking for a vehicle that has conditions. We are looking for a vehicle that has a conditions. We are looking for a vehicle that has a range conditions. We are looking for a vehicle that has a range of. A vehicle that has a range of more than 500 kilometres with a single charge, and that is something that is front and centre. ,. , centre. The other Main Consideration centre. The other Main Consideration is centre. The other Main Consideration is cost. L centre. The other Main Consideration is cost. Byd, which stands for build your dreams come at the moment is hard to beat. Its vertically integrated supply chain keeps prices down, especially when it comes to the cost of batteries. The most expensive part of it is a Battery Company long before it was a car company. They made batteries that went into electronic products and cellphones include particular, so their dream was to become a car company. He so their dream was to become a car company car company. He was an auto anal st car company. He was an auto analyst in car company. He was an auto analyst in shanghai car company. He was an auto analyst in shanghai and car company. He was an autoj analyst in shanghai and tesla is the pioneer of the ev category. Is the pioneer of the ev category is the pioneer of the ev catero ,. ,. , is the pioneer of the ev catero. ,. , category. Tesla opened the gate of factory in category. Tesla opened the gate of factory in shanghai category. Tesla opened the gate of factory in shanghai in category. Tesla opened the gate of factory in shanghai in 2020, i of factory in shanghai in 2020, launched the model three. The rise of atvs is not coincidental that ostler tesla triggered the interest in ev vehicles and that is present in tesla and the Chinese Companies that followed them. This electric car maker is teslas. Competition in china and it is tapping into growing markets luckier in southeast asia. But byd has to work hard to keep that post. It faces stiff competition from domestic ev makers that are close. In its rear view mirror. Rivals like er and exponent are also revving up their production in overseas markets. But in some places like singapore, the Charging Infrastructure is playing catch up with demand. As they are a limited number of Fast Charging Stations has been a concern for some drivers, which is why evs make up a small action of their fleet. Want them to park the vehicle for hours and waiting for the recharge, for them, every hour is money. Recharge, for them, every hour is money is money. For taxi drivers like johnson. Is money. For taxi drivers like johnson. It is money. For taxi drivers like johnson. It is is money. For taxi drivers like johnson, it is an is money. For taxi drivers like johnson, it is an attractive johnson, it is an attractive solution, especially as the rising Cost Of Living is caused bumps in the road. Monica miller, bbc news, singapore. Lets see how the asian markets are faring today. We have seen quite significant losses. Hong kong, down nearly 3 . The ground is bucking the trend today in shares. Evergrande. The price of oil is below 90, that is a three week low. You can see markets in the us ended slightly up on the day after a very volatile session. Most of the time these markets were in negative territory. Basically the Us Federal Reserve officials have been saying that Monetary Policy will need to stay restrictive for some time to bring inflation back down to the feds 2 target. So these markets are very pessimistic with the view that us rates will be staying higher for longer. You are up to date on the latest business news. I will see you very soon. Hello. Its been a warm first few days of october following on from the record breaking september. Well, joint record, as you can see. For maximum temperatures, that was tied with the record set in 1895. Now, all that heat and humidity has triggered some thunderstorms during the latter part of monday. They have continued through the night. Lots of excess rain and standing water slow to clear away. As well as that, this Weather Front here as well, just lingering in southeastern parts first thing. So a bit misty and a bit grey, showers following towards the north. This is the Weather System i talked about, the rain starting to ease, but leaving lots of damp, misty, murky weather, and then potentially some thunderstorms following in the wake of that Weather Front. Certainly a fresh night and a cool night to end in the north, but it will still be quite muggy in the south with that lingering misty, low cloud and damp weather, perhaps a few thundery showers across southern areas first thing. But in terms of dry weather improving, bright, more blue sky around, but scattered showers most frequent in the north and the west for the day, and a brisk wind whisking those showers through. 14 to 19 our highs. It will be notably cooler feeling or fresher feeling across england and wales because of the breeze, and also, weve lost the humidity. Now, by wednesday, we have got High Pressure starting to build towards the south. Further Weather Fronts, though, invading northern parts, particularly scotland and then northern ireland, and that Weather Front might well become slow moving across parts of southern scotland, northern england. So there are warnings out appropriately for the end of the week. To the south, mainly dry and fine, but quite a bit of cloud around, showers follow to the north. Look at those temperatures. Theyre still around about 14 to 19, just a little bit still above average actually for the time of year. We keep our Weather Front with us through wednesday night into thursday, probably pushing northwards once again, another pulse of rain on that Weather System. So there are, as i say, warnings out for the rainfall in northern and western parts of the uk for the latter part of the week. But for many parts further south, its dry, its fine and it will get warmer. In fact, we are hinting the Computer Models are hinting at temperatures getting into the low to mid 20s across many parts as we go into the weekend. The warnings are on the website. Good morning, welcome to Breakfast Withjon Kay and sally nugent. Our headlines today. Pressure on the Prime Minister over the future of the hs2 rail line. Businesses call for certainty, while some politicians warn the issue is de railing the conservative Party Conference, a Lightning Strike causes a huge explosion at a food Waste Recycling plant in oxfordshire. People living nearby are told to stay at home. Decisions made in the early days of the pandemic will come under scrutiny, as the second part of the Covid Inquiry gets under way. Rows breaking out at electric car charging points. As one Motorway Service company says its taking on marshals to deal with conflicts, well look at whether the networks struggling under the pressure. In sport. Tributes paid to one of manchester citys all time greats francis lee, who enjoyed Great Success at the club in the late sixtes and early 70s, who has died at the age of 79. Good morning. Today in essence it will be a day of bright and sunny spells and some blustery showers, temperatures a little bit down on yesterday but as we head into the