we had the international energy agency warning opec of a daunting surplus of crude.hat really not helping the oil market. u.s. futures at the moment unchanged. let's see how we are setting up for asia. sophie: this friday, asian futures are hinting at gains. central bank development's very much top of mind. overnightust holding after a volatile session which morgan stanley calls a reluctant boost given the concerns we have around fiscal stimulus noted by draghi. goldman is waving the red flag around disappointing chinese growth, so it has cut its forecast on copper and aluminum. heads up, guys. we do have trade data from india. on first's chicken word news now with jessica summers. malaysia kept its benchmark rate unchanged. the economy shows steady growth despite the global slowdown. the bank kept its growth projection for this year unchanged at four point 3% to 4.8% -- 4.3% to 4.8%, but says that is subject to further downside risks from worsening trade tensions. oil as op and allies fall -- call on producers to abide by an agreed output current. the international

let's have a look at who has the biggest reserves of oil or member states of the international energy agency have 90 days of emergency stockpiles in case of crisis the us holds the world's largest to teach it betrayal reserve followed by china japan and south korea almost 80 percent of the world's proven oil reserves are in opec member countries saudi arabia but as well are and iran top the list. now over to our panel in amman. and nanny jordan's former deputy prime minister as well as foreign minister he's also an economist in bern switzerland cornelia mayer an economist as well as an oil and gas specialist at the financial advisor firm mayer resources in london bill or journalist and i notice on gulf affairs welcome to you or mr the nanny of the increase in oil prices which was about 19 percent perhaps the biggest percent to percentage spike in 3 decades is this an indication of a panic. or a deeper economic crisis here well i think that it is mostly panic because there was no reason for oil prices and the normal circumstances drive increased that fast in one day so it was a complete respo

but also sold in china actually the international energy agency advises all its members and to keep it the end of 90 days of need to oil imports into storage so it is for now all depends on how long these outage lasts. higher oil prices of course mean bad news for many industries what longer term consequences could we expect. the 1st one will be a rising energy costs affecting as you said to a bar idea of industries be asian but also transport and even retailers about higher oil prices could also mean higher gas prices and consumption this is important since until now at least here in the u.s. consumers have somehow shielded the economy from the i'm going to eat war with china but at the minute that the cost of pumping gas increases that consumption you know other areas will be reduced as a result on wall street thank you very much for the insight. workers at u.s. carmaker general motors walked out on monday staging the biggest strike in the country in more than 10 years the action has spread across 9 states and involved up to $50000.00 employees it follows deadlock in negotiations ove

in china actually the international energy agency advises all its members it to keep it they have a land of 90 days of net oil imports in a story so it is for now all depends on how long these outage lasts. higher oil prices of course mean bad news for many industries what the longer term consequences could we expect. the 1st one will be a rising energy costs affecting us you set out to a bar idea of industries be asian but also transport and even retailers about higher oil prices could also mean higher gas prices which consumption this is important until now at least here in the u.s. consumers have somehow chilled if the economy from going to a why with china but at the minute that the cost of pumping gas increases consumption you know other areas will be with us as a result on wall street thank you very much for the insight. and we stay in the u.s. drugmaker per view pharma has filed for bankruptcy the company produces the painkiller oxycontin one of the medicines at the heart of the u.s. opioid crisis with the move heard us trying to settle thousands of lawsuits that say it's responsi

three times in recent history the countries that make up the international energy agency have acted today. that includes the gulf war, the destruction after hurricane katrina, and after a long disruption of oil from libya in 2011. anne-marie? >> all right. laura podesta in new york. thank you, laura. >>> talks between united autoworker and general motors are expected to continue today. yesterday work stopped at more than factories and warehouses when nearly 50,000 union members went on strike. dean reynolds looks at the issues at stake. >> reporter: striking autoworkers hit the picket lines wondering who to trust, general motors who made over $8 billion in profits last year -- >> do you feel that you're not getting a fair share of those profits? >> i know we're not. otherwise we wouldn't be standing here right now. >> reporter: also their union leadership is under investigation or misuse of benefits. one of their negotiators was arrested last week. >> that has cast a cloud over the negotiations. i think the biggest impact of that is does the rank and file really trust its uaw leadership.

let's have a look at who has the biggest reserves of oil or member states of the international energy agencyhave 90 days of emergency stockpiles in case of crisis the us holds the world's largest to teach it betrayal reserve followed by china japan and south korea almost 80 percent of the world's proven oil reserves are in opec member countries saudi arabia but as well are and iran top the list. now over to our panel in amman. and nanny jordan's former deputy prime minister as well as foreign minister he's also an economist in burn switzerland cornelia mayer an economist as well as an oil and gas specialist at the financial advisor firm mayer resources in london bill or journalist and i notice on gulf affairs welcome to you or mr and any of the increase in oil prices which was about 19 percent was perhaps the biggest percent to percentage spike in 3 decades is this an indication of a panic. or a deeper economic crisis here well i think that it is mostly panic because there was no reason for oil prices and the normal circumstances that increase that fast in one day so it was a complete respon

the usa is now the world's top the oil exporting country check out these words from the international energy agency booming shale production has allowed the u.s. to close in on and briefly overtake saudi arabia as the world's top oil exporter president trump says that this is a huge achievement he's ready to celebrate success becoming more and more energy dominant i don't want to be energy free we want to be energy dominant in terms of the world but not everyone shares donald trump's energy market and susie yes in fact most of the people who want to run against him in the 2020 alexion want to outlaw the practice of hydraulic fracking that's the reason the usa has so much oil and gas any proposal to avert the climate crisis must include a full fracking ban on public and private lands. on my 1st day as president i will sign an executive order that puts a total moratorium on own you fossil fuel leases for drilling offshore and on public lands and i will ban fracking everywhere it's not just the left progressives you've got the centrist got all the harris there's no question i'm in favor of banning fra

next, we speak to the international energy minister -- energy agency.erg. ♪ matt:matt: this is "bloomberg daybreak: europe." and i am in abu dhabi for the world energy congress. wti is trading higher today along with brent as the saudi arabia ousts its energy minister. he has been replaced by one of the king's sons, who may have been a long top energy ministry official. the move comes ahead of an opec meeting later this week no nasty the jmsc. known as rinse has knowledge of the industry. havem not expecting to changes. with the personality of the , he has a strong personality when it comes to the markets. manus: all the drama right here at the world energy congress in abu dhabi. good morning. good to see you. is the new abdulaziz man in town. what can we expect as the new minister for oil? >> he is not the new man. he has been around. he is a man who knows the numbers. he knows oil diplomacy and all the intelligence. arabia'sxpect saudi oil policies will continue with prince al-falih -- prince abdulaziz. manus: the saudi's need $88 to breakeven. does t

absolutely so if let's have a look at what we have in the global reserves according to the international energy agency there's about 4100000000 barrels of oil around the world sitting there waiting to be used now the i.a.e.a. basically says that every country should have 90 days worth of reserves just in case there's an event like this i mean they probably didn't predict a new event like this because nobody thought this would would actually happen but here we are now 90 days so the united states has more than $700000000.00 barrels and china has about a half a 1000000000 barrels of oil sitting around the saudis themselves over 188000000 barrels some of that is stored in saudi arabia and then you have some locations around the world mostly in asia where basically you know most of their clients are now now based so in terms of stabilizing the market and reducing fears in terms of the trading community watches saudi arabia be doing right now awaiting some sort of if you like to come from the saudi authorities saudi arabia really needs to do is to be transparent now they're trying to list. on to the stock

. >>> the international energy agency, the iea, out with the latest report.eeping this year and next year's oil demand forecast unchanged. it describes saudi arabia's newly appointed energy minister, one of the son's of the king as lynch pen. elsewhere, we are following new reports this morning that trump administration is weighing opening new negotiations with iran, possibly joining a french proposal to extend a $15 billion credit line to the country in exchange to coming back in compliance with the obama era deal the topic of discussion when trump and iranian president both attend the assembly in new york next month we'll talk with helima croft we'll hear from her on all of this >>> vaping back under fire the white house stepping up efforts to crack down on the industry we'll weigh the risk of tobacco. >>> plus, one dental start ups have a reason to smile this morning. will the smile ipo have bite we'll find out, coming up. every new job. and attempt to parallel park. (electrical current buzzing) each new draft of every novel. (typing clicks) the finishing

we have a major interview later on with rick perry and the international energy agency.get a quick check of the latest business flash headlines. amazon's whole foods unit is changing medical benefit eligibility requirements that could leave almost 2000 workers with no coverage. leastwill have to work at 30 hours a week to qualify for health care plans. up from the current requirements of 20 hours. the change will affect just under 2% of the whole foods workforce. fell in lateom trade after reporting modest quarterly sales growth and reiterating the bearish annual forecast they gave three months ago. diminishes demand for chips. japan's long-suffering sailors will have to put up with virtually zero interest rates but at least bank accounts are free. jpmorgan says lenders may improve maintenance fees for accounts if the bank of japan deepens negative interest rates. the board member warned that lenders may have to consider such a move. how the unrest in hong kong is affecting the fortunes of the city's biggest property developer. that's next. this is bloomberg. ♪ jessica: