— This is the script of CNBC's news report for China's CCTV on October 14, Tuesday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
Brent oil prices tumbled overnight to a four year low after Saudi Arabia reportedly said it would accept prices of about $80 to $90 a barrel.
Fears about global demand have pushed brent down by 25% since June.
But IEA Chief Maria Van Der Hoeven said the volatility in crude prices is nothing to worry about.
[Maria van der Hoeven, Executive Director, IEA] "Of course what you can see is the differences in oil prices which have been a part of the game everytime we have seen oil prices have been about $140 a barrel we have seen oil prices $20 a barrel not long ago. This kind of flexibility has been there all the time."
The fall in commodity prices is hurting government receipts over in Indonesia at a time when the new government is consideirng cutting the fuel subsidy....
Indonesia's President Elect Joko Widodo will be inaugurated next Monday... at a time when the economy is facing a perfect storm.
He will inherit a slowing economy, and rampant corruption, but has vowed to undertake ambitious reforms, including a potential fuel subsidy cut.
Current finance mininster Chatib Basri dismissed criticism Jokowi could be trying to do too much, too soon.
[Chatib Basri/Finance Minister of Indonesia] "Well I think it is inevitable, yeah because our main concern now is about current account deficit, and also the burden on the physical side. If you don't do anything related to the fuel subsidiary it might create a problem on the current account deficit, this later on could provide a problem of confidence. I do understand by adjusting the fuel price there will be an impact on inflation, maybe hit growth in the short term, but if you're talking more on the medium term then this is something that need to be done."
Over in England, where markets are pricing in a first rate hike by the BOE in 2015, Governor Mark Carney saying that eurozone weakness was only one factor in determining when the Bank of England would raise rates, and that some bumps on the road to normalcy were expected
[Mark Carney/Governor, Bank of England] "We have to accept that as this process move forward, as some economies emerge from a period of unconventional stimulus there will be some volatility and that in and on itself should not influence the path of normalisation of monetary policy, the real side factors that we we're discussing external demand pressure, benign global inflationary environment, developments in our own labour markets, those will. Those will certainly influence the path."
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