international monthly funds bailout as shortages, wasn't in the economy disintegrates. i've been for swollen lester business. a little breather as trading got underway in europe is thursday. oil prices fell by around $2.00 a barrel, a glimmer of hope that opec plus produces will get a grip on crude markets. they've surged on russia's war in ukraine. could they be consequences for moscow? russia is foreign minister, sergey love. rob stressed not only the importance of the oil cartel wednesdays meeting with his counterparts from the gulf region, but also of unity. berkeley springs. the principles of cooperation on this basis retain their significance. these statements come amid rumblings in the oil alliance under pressure from western sanctions. russia's oil production has dropped by $1000000.00 barrels per day. meanwhile, prices have exploded. in order to limit price shocks,

the u. s. is demanding that opec increase production volumes. some member nations are in favor of raising production quotas, but this requires agreement with russia. after the united states, russia is the world's 2nd largest oil producer, and through the opec plus membership. russia is bound to the decisions of the other opec countries. currently, russia has no interest in increasing production volumes and might not technically be in a position to do so. anyway, because of the barrage of western sanctions. a decision is now on the table to exclude russia from the cartel or not. address goto is direct with a very pon to school of public policy. is russia going to get kicked out of opec thoughts? well, i guess that very much depends on the political signal that opec wants to sense. i mean, there's a couple of countries that have spare capacity still, and that's precisely the ones that are pondering this idea of kicking,

rush out. but on the other hand, the question is how to respond to demands from washington, from brussels, from the capitols in europe. and what is the political signal that you want to send to you? and i do want to align with russia, or do you actually want to say, look, a cartel, we take market management seriously, and that's precise the question, opec and span. so today is there are enough spare capacity there to offset the drop in russian production that we're, we're already saying well, there is some spare capacity. indeed the saudis have spare capacity. you a have spare capacity. there is a discussion going on with venezuela for the sake of argument on whether some of the sanctions that are still in place could be lifted, possibly increasing supply from that country going forward. so there is a spare capacity in the market, but maybe one thing that's important to bear in mind is we're talking about 2400000 barrels of oil a day that russia sends to europe every day and replacement. that might be

difficult. ok, but you say the capacities there is the will there because so many of these middle east nations have very close ties to russia and rely on russian wealth. well, they to some extent can hide behind the russian actions and ukraine and that aggressive war, simply because they complain russia for hiero prices and, and pockets the windfall. and that's precisely what has been happening. but there is another element which is important. and we have seen this in the past already in the seventy's, for instance, when prices were skyrocketing at some point, but the man side will respond to the prices and consumption will go down. and that's precisely not what saudi arabia ones and other countries that want to stay in the game for some time to come to see demand full. i mean, sure we, we would have to see some sort of shift to add a huge shift to renewables which is already underway, but probably won't come quick enough for the ukrainians. certainly not. and,

and i think it's also important to bear in mind there's some things you can do with renewables when it comes to replacing oil. but there's a lot of things you cannot think about the petrochemical industry. you cannot run them on out of tons. and that's precisely, we're the west needs to probably look at the mon side responses by the way. this is happening already. the global economy isn't in great shape. we will see probably a recession in the eurozone going forward. the west is not growing as expected. north china, so we are seeing some demand thought response is already in the shape of economic contraction and backward temper demand underneath cultural thank you very much for the analysis. thanks for having me. or from worries about recession to an economic crisis in sri lanka, which is becoming increasingly dramatic with residence life savings virtually disappearing into thin air. one estimate from johns hopkins university shows real inflation at over 130 percent in march. it's approximately 6 times the official,

right by the government. really, everything is in short supply, especially in puerto goods. the government is even asking airlines to stop refueling in the country to save on fuel. one of the reasons for the crisis is the corona induced slum in tourism. on top of that, they were political missteps, such as the ban on artificial fertilizers, the result, an agricultural crisis, and industry that employs a particularly large number of people in sri lanka. mary albion has spent more than half of her life plucking leaves on this deity. after her husband died, she became the thorough bread winner for her family. but she's barely making ends meet. mangin little under going to get a lot of the income we get is not enough to cover our expenses. this is the only work we do. we have no other work that mary is one of the houses who work on privately own plantations,

spread across the hilly countryside of central felucca. d is one of the areas most exported commodities, making the industry vital for the she, lunk, on economy accounting for $1300000000.00 annually with the country deep in financial crunch. the industry 2 has hit a rough batch. the severe shortage of fuel and long power cuts had affected the industrial daily operations, including processing production and transportation. dylan party ronnie, the regional general manager of this estate fears that the effects will soon be felt by the workers run slipper gerberg. robert productive to get defected. the book, da, da, da da, da da. the workers are going to get different people that do not get that regard. number of work in dis, no, no at present be alpha in them. 60 is about at times. so in december we will be compelled to cut down deborah about global afford is to be cancelled. so they're generally that we come over below the problems for the d industry and for

agriculture as a whole started before the current economic look last year in a highly controversial move. the chill uncle government bank, the use, and import of chemical fertilizers overnight in a bit to become the 4th country in the world to fully adopt organic farming. while the band was later reversed after protest, the crop yield was already effected. this policy policy decision by the government led to a significant dropping production and export of t. the current crisis further does not bode well for the figures. mary is concerned about what might happen if the situation was since let's and go under 30 and to get that. but if we lose our jobs because of the issues in the country and we're unable to find any other employment, we will have to stay home. if so, we won't have anything to eat and we won't be able to look into any of our needs. are you going to go bought the good lady? ha, livelihood. and that of houses depends on the dia,

states. many of which are looking at doff times. make mo, joins us from the international set of attacks and development mikka direction. the i m f is going to step in in this case, and will it step in, in time before the economy disintegrates? it seems almost certain that it will step in. we're actually very close to an agreement between the government of sir lang. currently i m f. but the time scale is really emboldened to we're still talking olva weeks 2 or 3 months maybe. and in the meantime, the government says in an acute crisis, as you said, of the export revenue at the moment probably covers about half of the minimum in port needs for basics, like fuel and food and medicines. so there is an acute gap here that has to

be filled somehow in the next few weeks. what are your suggestions? house re lanka? going to fill that gap where we're talking about an enormous ta. normally we are, i mean most official organizations take the very understandable view that they cannot release any new money to us for lanka until there is an agreement in place with the i m f. i understand that. so the government is currently living mainly own credits from the government of india. and we don't know how long the government of india is going to be willing to do that. whether all the governments in the region, including china, i going to step in with short term assistance. so it's very much up in the air of the moment. and it seems to put for, from what you're saying in a precarious situation. as far as a global alliances go in and, and regional tensions to yes, i mean sure, lanka has been at the center of quite

a lot of tugging between china, india and the united states in particular. and the, an agreement with the i m f is actually gonna depend on all those 3 countries and various others agreeing on the rescheduling all the money, the char lanka owes to them. so, you know, with this is a very precarious situation, but i hope that none of those 3 parties is going to be so irresponsible as to block an agreement with the i m f. because if there is no agreement with the i m f for them, we have disaster so much at stake and so little time make more from the international sin of a tax development on the economic crisis in sri lanka. thank you very much for your input. thank you. thank you. in the united kingdom brits and fans of the monarchy a celebrating queen elizabeth's platinum jubilee. and as is tradition brands across

the u. k. hoping to capitalize on the event. it's not just souvenirs, but from salad dressing to ma might plenty of food brands, stores and suit my groups of being that birds will put aside their cost of living worries for a few days to celebrate sainsburys to celebrate sainsbury, supermarket group report sales for baking staples, like flour eggs and i think sugar up 30 percent away. troy supermarket says savory pastry and rose wine sales both up by double digits or it's a here. it's working one pathway faster business it is provide ah, with

you see last on the free climb here. there hitch with grenades every day in the small ukraine and town of new york. 3 quarters of the inhabitants heflin. but some of giving up their homes. no,

their hope for peace. focus on europe. 90 minutes on d. w. they up to date, i don't miss our highlights the d w program online. d w dot com highlights interest the global economy our portfolio d w b beyond. here's a closer look at the project. our mission. to analyze the fight for market dominance. east versus west. judith still head with the w business. beyond is the end of the pandemic in site. we show what it could look like. return

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you cuz i'm a cool cool, great guy. but it was just me in the min hello. ah, ah ah, this is the w is leih from berlin, with russian forces on the verge of taking the key eastern city of savannah. done yet kept ukrainian present for them in the landscape. says russia not controls almost 20 percent of ukrainian territory. also on the program to meet the ukrainian volunteers defending a village.