healthy markets could revolutionize the way the world. comes to your business. us all prices hit a 4 month high following drone attacks on the world's largest crude oil processing plant in saudi arabia over the weekend it was the biggest intra day gain since the go for in 1901 brant crude initially shot up 19 percent before retreating to around $67.00 u.s. dollars a barrel still up 10 percent from last week the u.s. senior official blames iran for the attacks president trump said on sunday the u.s. war was locked and loaded for a potential response also approved the real release of humor as all reserves these are the images that have sparked political and economic turmoil around the world saudi arabia has largest oil refinery up in flames half of the country's oil

production slashed at least temporarily in one fell swoop appearing on a t.v. station sympathetic to their cause who she rattles based in yemen said they carried out the attack there supported by iran an arch rival of the united states the american president posted a belligerent tweet in response there is reason to believe that we know the culprits he wrote we are locked and loaded depending on verification. with political tensions are already inflamed the economic consequences became apparent as soon as markets opened on monday oil prices initially surged by 20 percent before falling again someone else saudi arabia is the world's 2nd largest producer after the united states analysts say the effect on the global economy could be dire. much more

likely. already in there for. chinese growth in china. the last thing we need. it may be the last thing we need but with 5700000 barrels of oil a day that's 5 percent of the world's supply now in jeopardy disruption appears unavoidable. he's an oil market analyst at the share center and joins us from london hello we heard about supply how significant is this attack with regards to world oil supply. for you very significant facility produces roughly 9800000 barrels a day. taking out roughly $5700000.00 barrels

a day so more than half of saudi arabia's oil production and that equates roughly about 5 percent of global oil production so 5 percent is a very very significant amount you can understand the market's reaction opening up by 20 percent you know as soon as the futures markets open over the weekend. you know at the moment roughly 10 percent down so it really does show how worried the global world market is regards to supplies going forward well some. more hard hardly than others india china japan south korea all major importers of saudi oil vulnerable other to this crisis. what i think is what they they do all have strategic reserves we've heard that creates going to release think it would think about rich releasing strategic reserves china has enough reserves as well but if i mean i've seen estimates in terms of the impact of g.d.p.

from various other. economic analysts they vary if all prices stay up to about $70.00 a barrel the impact very slow for china maybe not so much but for the smaller countries such as korea it can have rough you know point 3 percent impact on g.d.p. but it's not g.d.p. you've got to look at inflation and the likes of create could add half percentage point to annual inflation for that country so you know the major importers are going to be the ones that suffer more disproportionately especially in asia going to other reporters who are very briefly if you can study arabia said to become a significant importer of refined products who will benefit. yeah saudi arabia given how large it's all export sites actually relatively weak all the refinery and a lot of it's all goes up to the likes of india south korea and japan so most likely you know those products are refined over there and they'll most likely make their way back to saudi arabia in the form of the form of diesel and petrol learned

fuel oil provokes thank you very much. along with developments in saudi arabia the latest figures from china have provided a double whammy for investors they show a deepening of the country's economic slowdown so a closer look at this chinese industrial output grew by just 4.4 percent during august compared to a year ago that's the slowest for more than 17 years so latest sign of the continuing impact of the trade war with the u.s. and fall in domestic demand both factors have seen growth in the chinese economy steadily fall since the start of last year just 6.2 percent during the 2nd quarter of this year and time is authorities are clearly expecting it to fall further premier league kyung has now been quoted as saying that maintaining growth of above 6 percent is going to be very difficult against what he calls the backdrop of

a complicated international situation now let's bring in joins us from singapore. i hope you can hear me our consul right now how did markets react to this double whammy well needless to say it was among asian markets took it very hot it was red all across the board except for taiwan and of course japan that close for holiday today so there was there was no movement over there but yes it was writ all across the board today in the asian markets where we've heard the big asian economies are most vulnerable to this oil shock what are they doing what can they do to counteract these effects. well get hot in the coming days and weeks we'll see though we'll see a lot of a conservative ness from investors of traders on not expecting there to be

a treat deal negotiated when trump and presidency meet next month early next month they also won't be a stimulus unlike the one we saw in europe just last week but that we may see we may see some kind of rate cuts for medium to long from the chinese central bank in order to ease what's happening with the global industrial numbers now overall we'll be hearing a very measured tone coming from china and it's now a question of whether the government can tolerate the slower growth rather than finding solutions to fix it. in singapore thank you and now to some of the other global business stories making headlines today pakistan central by lifting its benchmark interest rate unchanged at 13.25 percent on monday as consumer price inflation finally appears to stabilize consumer costs in the country have jumped over the past year with the devaluation of the rupee stance if you had a 6000000000 dollar i.m.f.

bailout in july. u.s. drugmaker purge you pharma has filed for bankruptcy the manufacturer of oxycontin the drug at the heart of the u.s. opioid crisis wants to shield itself from fountains of lawsuits last we heard you reached a deal to settle most of the lawsuits by providing more than $10000000000.00 u.s. dollars to address the opioid crisis. trying not to cringe but maggots could revolutionize the way we feed the world using insects especially for animal food ingredients looks like a sustainable option for the future the dutch company pro takes is hoping to grow this regaining market. these maggots are 20 days old and they're showing a lot of promise and as you said these one look particularly good today yesterday wasn't a good harvest it's a really good harvest because it at 88 and is still alive i think you can beat it

so they. don't get lots of protein. maggots are cheap to feed and live off waste like finally ground potato peels from the french fries factory. the company lets the spillman some of the crates but not in the big breeding plants next door. it contains a strict trade secret pro-tax has been working on for 10 years. technology truly can enhance and harbor nature so all the technology here is here to create a controlled environment to feed the insect as well and as fast as possible with the food waste because that's what they do they like to crowd together and eat food waste all together in a very fast way. not only protein fat can also be extracted from insects when pressed the oil is rich it's

a great energy source for farm animals. all animals in nature eat insects when they're young have to grow fast and when they have to build a defense systems and we took it out of the diets and insects can do something really marvelous they can grow on food waste and other byproducts and that is a pathway to circular food systems. this idea has made feed manufacturers very excited researchers on this test farm examine how animals fed with insect food. dr these pellets contain insect fox but soon the company wants to process insect protein. since the mad cow disease scandal which included animal protein in feed manufacturers must meet many requirements. we will need some time to go beans governments etc to say look we know there is risk if you do it in the wrong way but by doing it via insects we really believe it is a distinct no controlled and safe way so we really expect over time to use it in all the animals as well projects also needs e.u.

approvals for the past 2 years insect meal has only been permitted in fish farming . and there are other markets that are going to open as well like the poultry markets and they are hands where we can bring our protein source into the feeds of chickens which they actually eat in nature as well so those markets when they open it will be a very very big market for the insect industry at the moment the company is focusing on the black soldier fly which grow particularly fast in just a few days and you rig a batch of maggots will have in this breeding chamber. that's it from me and the business team.

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this is day to every news live from britain's prime minister agrees with loud protests in luxembourg boris johnson the dusty younglings told some pretty sexist from the e.u. with less than 7 weeks to go they use as the u.k. travail no concrete alternatives to the controversial irish for the past stuck to luxor but also on the program tensions rise over the future of syria's last rebel stronghold to egypt as president faces a new wave of refugees and threatens to reopen the floodgates to europe.