the iea finds that the cost come down 70% wind by 20% and battery 40. energy efficiency is a key on the energy security side and having the total energy use would have more than doubleleed without energy efficiency. so this has been saving us in so many ways. as you noted, one-third the cost to save a call kilowatt instead developing one. energy dominance and security, i hope we hear less about just the exporting issues also we work hard to come up with strategies is that clarify our national policies and focus on what we can do to drive the cost effectiveness of energy. whoever has the most cost effective solutions will continue to win in the marketplace. so i look forward to hearing that today and thank you for being hear. >> thank you senator cantwell. thank you again and welcome to the committee. for those who are not familiar with dr. birol he took office as iea executive director in september of 2015 after 20 years with the agency itself. previously he held the position of chief economist with responsibility for directing the flag ship world energ

oil prices very much in focus after that iea report came out we'll have more on that later on wti lowery 13 cents. $59.17 per barrel for that u.s. benchmark crude price. then ice brent crude futures, $62.59, unchanged so far on the day. let's check on what's happening with gold prices we are seeing a bid there. $1,331 per ounce the last trade there. >> if you look at the dollar, the dollar is retreating after its best week since 2016 the euro at 1.23 look at performance against the yen. lower by 1%. 107.62 the yen trading at a five month high let's look at bitcoin. this has been rebounding in tandem with u.s. equities. today we are lower across the board by 5% for bitcoin. >> let's talk more about the wild swings in the market. joining us now is fast money trader guy adami yesterday just saw some of the most -- at least intense price action we've seen bouncing off these lows was it surprising for you? do you think we get more stability in today's trading on friday the s&p traded down to the 200-day moving average, basically within five or six s& points and bounced significantly. for con

neil atkinson from the iea joins us from paris. sir, thank you very much for joining the show our colleague spoke to the head of the opec earlier. he said he had reassurances from russia to keep production cuts in place is it fair to say going forward the u.s. will be the largest swing producer in the foreseeable future when it comes to oil production? >> well, i think most people assume that the opec output cuts, which have been in place since the beginning of 2017 will stay in place for the rest of this year. what we're watching at the moment is because the united states is essentially a free market for oil, it's production rises and falls in line with the oil price. at the moment we're in a situation where oil prices have risen during the second half of 2017 and the early part of this year, that's given confidence to producers that they can drill more, produce more, hedge more, and we're seeing united states production rising dramatically before our eyes. that's likely to continue during 2018 of course looking further beyond tha

the iea says the global surplus has almost been cleared. as u.a.e.eport earnings we hear exclusively from industry cfos. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and business leaders gathered into dubai this week for the world government summit. the event brought together officials, policymakers, thought leaders and private sector trail blazers to explore the future of government in the face of a changing world. on sunday, tracy alloway spoke with the secretary-general of the oecd, angel gurria, and began by asking for his take on the recent market volatility. angel: the experts say it was a correction, but i think it is a warning. i think it is very important to heed and say, listen -- this is the kind of thing that happens when the stock market or any other indicator takes off without a linkage to the real economy on the ground. therefore, it is a warning against complacency, against patting yourself too much on

the iea says the global surplus has almost been cleared. as u.a.e.gs we hear exclusively from industry cfos. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and

the iea has seen explosive growth in the united states. itself? almost 70 years ago we set that's almost seven years ago we said that this was coming, and we said that -- almost seven years ago we said that this was coming, and we said that in 2017 the united states would be the biggest producer in the world. we forecast they will overtake saudi arabia and russia. economics are there, reserves e.e there, policies of thert we look at the future, we have to think about established producers, but the united states is coming very strongly as a major oil producer and will be the undisputed leader of oil production for many years to come. twohould also distinguish things. top oil producer in top oil exporter are two different things. remains to top oil exporter of the world for many years to come. reporter: how does the cartel remain in power? do you think they should configure these cuts after the -- they should continue these cuts, extending the deal after 2018? guest: talks have started between opec and non-opec. those higher prices will indu

the iea says the global surplus has almost been cleared. giants report earnings, we hear exclusively from industry cfo's. and the sky is no limit for air arabia as it beats on full-year income. the ceo lays out the carrier's ambitions for 2018 in our exclusive interview. hundreds of global political and

the iea is projecting that kind of supply growth from the united states for all of 2018.me we had that level of growth of supply from the u.s. was back around 2013. you're being matched by demand. we are not in that kind of scenario where demand is doing ok but it is not looking too hot or fast. united states could really overwhelm and swamp any of the incremental demand that is coming out of the market this year. yousef: are we going to see a response that happens from opec? can they do anything more this point? backed themselves into the wall to try to manage the market by cutting back on production and targeting the inventories. that have been successful for the past six months of 2017. there was no embellishments -- there was an acknowledgment that united states had no influence to direct the be on what they were doing with price. the ansys producer are showing that they could be more flexible around current price levels. it allows enormous levels of growth. what the reaction is from opec in the next six months, that is very hard to call right now. would expect them t

. >>> checking in on commodities, we've been focusing on the oil trade, given the iea data as of late if you look at wti crude, $58.69 a barrel that's off by three quarters of a percent. ice brent crude, $62.35. off by a half percent. turning to gold prices, we had been talking about the idea that gold had not been seeing a real bid during the current market situation, up now a quarter of a percent. 1 1,332 is the last trade for goal let's look at how the dollar is trading against a basket of currencies yesterday it was weaker. that story continues weaker against the yen by 0.3% and gavagainst the euro, pretty much flat. a look at bitcoin, that's at about 8,000. 8,800 for bitcoin. >> let's get more on the early market action. joining us is christina hooper from invesco thank you very much for joining us this morning on "worldwide exchange." one of the big questions today is whether or not the markets rebounding off the recent lows they've had will be as focused on the stock side of things on that key piece of inflation data coming out today what's your take >> i think markets will abs

implications in terms of covering a big chunk of global oil demand growth by itself. >> that was the ieator speaking with haslinda amin. up next, going mobile. crypto kiddies. viral blockchain-based gains sparked a global craze for collecting cartoon cats. with theing to speak cofounder, next. this is bloomberg. ♪ yvonne: this is daybreak asia. i'm yvonne man in hong kong. betty: i am betty the in new york. crypto kitties. it spiked a global craze for cats. it could mean another pilot for the world's second-largest cryptocurrency. 30% of all ethereum transactions, causing network congestion, and now, it is set to launch a chinese-language ioa app that will only stoke the frenzy. let's get over to vancouver. sure many people tuning in will be like "what is this es we're talking about?" explain how these games that seem to be coming out more and more -- how is that affecting or interlocked with the blockchain, the cryptocurrency market? guest: i would say it's very interesting. did it possible with this concept of smart contracts, and it allowed for many other decentralized apps. you can t

the milestone came hot on the heels of an iea report that says the u.s.or "explosive growth in oil output," which would push it past saudi arabia and russia this year. i got more from the managing director for middle east and africa. him him jahangir: the thing you can look at for the last 18 monhts is the cartel is still the cartel. the opec has demonstrated it is able to work together. i think there was concern they were not working together. i think over the last 12 months, they have demonstrated the ability to be cohesive, to head in the right direction. can they respond in a similar way? but the interesting story on oil at the moment is everyone is getting excited because global growth is looking good. it is a demand story that you could argue will continue to drive commodities. not just oil, but commodities broadly up. which creates the inflation risks we see coming this year. yousef: you are not worried about more supply coming out of the united states? jahangir: no. for the moment, we all sort of anticipated after what happened the last three or f

fell in january to 79%, the lowest since july according to bloomberg tabulations using iea data.a is responsible for more than half. they exceeded 100%. it is eager to be part of the anticipated saudi aramco ipo. it could be a record listing. centerpiece. the government says it could value aramco to $1 trillion, although some analysts have offered lower estimates. iselebrity indian jeweler being accused of links to a $1 billion fraud that could embroil some of the country's biggest banks. modi and others illegally obtained guarantees that could for money abroad. the bank says modi worked with some junior officials to win those guarantees. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haidi lun. this is bloomberg. david: thank you so much. let's pivot to earnings. just to give you a quick sense of what the consensus view on the stock here is, have a look at our bloomberg chart. what this actually shows you, the green line, the percentage of analysts saying you should buy the stock. that has come down. the target pr

that was the iea executive director speaking to bloomberg. when will that market rebalance?ank of europe told eu lawmakers that he is sticking to his plan on stimulus. toghi said he's not willing reduce support for the euro despite confidence that inflation will pick up. >> we are generally more confident that our inflation is proceeding towards our objective. but we also have to be persistent and patient because the underlying inflation is not showing any convincing signs of an a protect. stimulus lives. long live stimulus is the cry from mario draghi. is it europe over the u.s. in the near term? we have very diversion paths in the snowy woods. james: i anticipate there are good grounds to believe the european equity markets can't outperform in a climate where boone yields are rising. the rising bund yield is part to the european economy moving forward on a sustainable rate. it will allow mr. draghi to remove some of the stimulus. how does one play this? there are two big opportunities. the first is the luxury segment in europe where i think some of the companies are world

there's a couple of things that's been going on really throughout the week from the eia confirming the iea is increasing production to numbers we haven't seen before that 11 million barrel a day number for 2019 is pretty big. but i think there's going to be a pause here this is exaggerated. crude is in correction territory now and i think it will be bought based on a number of things, not the least of which the seasonality, which gets strong mid february. >> it's oil's worst week since november of 2016 what are the levels to watch >> down almost 11% broke through minor support at 60 and right now, it's at 59 in my machine opinion i think now the risk is now to the upside if it holds here and forms a bottoming pattern, i'd buy it. i'd throw in two more. there's been dollar strength and crude seemed to trade. not insignificant. >> for more on crude, you can catch futures now ef tuesday and thursday at 1:00 p.m. eastern time scott, back to you >> thank you so much well, he went from being a key part of team usa's hockey gold medal in 1980 to the nhl then to the world of finance so what better

was a text message from an unknown number and it said i'm willing to talk to you i need to make sure iea can trust you. this goes much higher than me, not even the justice department knows the whole story. it was tom hayes. i couldn't believean it. if you're ever in criminal trouble, do not talk g to journalists. i hate to say it, but that is not a good plan and don't, if the justice department is coming after you, don't poke them in the eye. don't do it. i mean do do it with me but no other journalist can you do that way. i was like okay, can we meet. he said okay i'll meet you tomorrow morning at victoria station which is a busy train station in london. i'll stand outside burger king with a brown leather coat. no one knows l what he looks li, including me. i'm thinking to myself i've just walked into all the presidents men and i'm bob woodward and can already feel the weight of that fourth surprise in my back pocket. i was so excited. i called my boss and said you're not going to believe what just happened and i called my wife and i didn't sleep at all that myself i was way too excited

if we see the iea forecasts for how much more supply we get from us shale underestimated, we see a lottle bit stronger, heading towards 1.40.m that because the oil rights is coming down? it is more about worries to the uk economy. remember, let‘s think about this, 3-4 remember, let‘s think about this, 3—4 weeks ago, you could get about 1.43 dollars for every pound. if you went off and spent £100, now you can only get £138. is that what it means? that is what it means. you looked a bit blank. that is every hour, nothing unusual... ! the ups and downs of life — like a failed relationship, the death of a loved one, or being a victim of crime, can affect how we feel about our life and our mental health. now an online experiment, run in conjunction with the bbc, is trying to find out whether it‘s possible to predict how you might cope with those big life events. here‘s our health correspondent, dominic hughes. working with friends, doing something useful, all on a sunny winter‘s day. jane found the stress of herjob as a primary school teacher overwhelming. now, working as a volunteer to res

. >> good afternoon to you crude closing a little lower than the frat line under $60 a barrel the ieay report questioning if global demand would be strong enough to absorb excess supply yesterday, opec says it sees a surge in the nonoil supply there was also a note circulating raising questions about the speed of the rebalance. crude saw a session lof of $58.39 but well under that $60 mark, back to you. >> got it, thank you so much >>> so a female executive at stephen cohen's firm point 72 filed a lawsuit accusing the firm as operating as a sexist boys club where women are treated inferior and paid considerably less than their male counterparts. details from leslie and kate of "the new york times," but used to work here at cnbc hey, kate. >> hey, michelle great to be back >> you spent a lot of time at that office, haven't you what do you know, and do you know this woman? >> i don't know this woman, i have not met her she's still working there, which has to be an interesting day for her today. look, i had certainly heard rumors over the years about it being a pretty rough and tumble en

the iea, the independent agency, thinking u.s. as soon as next year back over to you >> thank you very much >> american airlines redesigning its planes you may not notice a big difference when you fly, but you might see it in the profits. phil lebeau live in everett, washington hi, phil >> tyler, this is what you call an airplane makeover what do we mean? we're inside an american airlines 777-200 they have taken off the cabin ceiling panels so you basically see the guts of the plane. why are they doing that? because they're going to be rewiring this plane. they're in the process of doing that it's one part of remaking this plane, if you will, retrofitting it, adding new seats these are new premium economy seats. they are wider, they have more leg room they have all of the television and everything that you would want in terms of the comfort and features the reason they're doing this is because they will now have four classes for seating that people will be able to buy when they're purchasing a ticket. and they're standardizing the

winter demand, which is pretty high, given the weather in china and north america, but look at what ieaey revised the november u.s. production by 400,000 barrels a day. it is just about the size of the smallest of the country. alix: i am pulling up a chart illustrate that. you can look at how huge that increase has been. come inside the bloomberg and look at the yellow line is what you need to know, and that is shale oil production and that brought up total production to over 10 million barrels of oil a day. david: what shot it up now? a lot of people would not expect oil to be where it is now, what did that? ed: i wish you had the chart up of the amount of net in the oil market. alix: i got it for you, ed. ed: do not underestimate that. that is the other thing besides the high price. when high prices were going up, managing net length in crude oil surpassed last year's 930 million barrel number and now it is about one billion, 150 billion barrels worth. it is not going down again. that is the first sign to look at. the money that came in is going to go out. you were looking at the bond

. >> we are getting some breaking news from the iea. energy agency giving us their forecast, in particular on global oil demand. they are boosting their 2018 global demand forecast, basically on the strength of the global economy. they are saying that opec has almost cleared the oil glut. that the shale risk remains, in terms of the ability to clear that oil glut completely. let's talk about where we are on global stocks. many people are asking whether the rebound is over, or whether this is a good time to buy the dipping stocks here in europe. u.s. futures are pointing lower. we --s next and what will where will we get market direction? we will get cpi data from the u.s. tamara, tomorrow. cpi numbers today. hewsom joins us=n -- michael hewson joins us. we see a wobble in futures in the u.s. what are your expectations? michael: i am not entirely convinced by the argument. at the moment we are getting a little bit of risk, bonds are up, swiss franc is strong. the nikkei 225 on our futures has dipped below 21,000, right on its 200 moving