what about opec?er serious pressure, and that's as a result of an energy crisis that frankly began many months before the invasion of ukraine. when i spoke to opec plus producers, the message was we are not going to be responsible for putting oil on the table when we don't frankly feel that other oil producing nations are getting a fair shake, and they're not giving us a fair shake either. what do they mean by that, essentially what we have seen is president biden announcing 180 million barrels will be jumped on the market. americans consume 20 million barrels a day. this will give 1 million barrels per day for the next six months. we have demonizing the oil and gas sector for so long that we have chronic under investment. then we had covid, and the pandemic, and that essentially meant in order for prices to remain stable and not fall literally below 0 into negative territory, we had to come together as opec plus, the opec producing nations, we're going to tighten production, curb production, so we ca

but the other thing that the, by the ministration can do, if saudi arabian, the opec and opec is not going to are not gonna play play ball. you know, we can lift sanctions on iran. we deal with sections on venezuela and bring and bring that oil back to martin and rods. guys, a spare $1000000.00 plus barrels a day to bring online fairly quickly or just see what happens at jim crane. they're from the university. bakers to, thanks so much for joining us. thank you. my, my pleasure. my russian president vladimir putin as issued an ultimatum to cycled unfriendly states that he wants them to pay for russian gas in rubles starting on friday. or he threatened to cancel their contracts fees and says foreign buyers will be required to open accounts with russian banks. the decree could pose a serious issue for your, which gets around 40 percent of its customer. germany says the kremlin is black mailing it to you. i signed an order that establishes the rule of trade with natural gas, with the so called hostile states, where offering to clear system that they have to open accounts and roubles, an

opec keeps russia back plan. they are saying they are not going to increase production which they say would not lower at prices anyway. they say opec members recalled the oil spike when they added output and it did little to calm the market. they are pointing to then saying that even if they increased it it would not do much. caller: united states was the number one producer of oil from the obama administration into the early trump administration. we should do that again. we just have to make sure we increase our rate count and have our oil companies taking oil out of the ground. host: let us reap from this piece in the wall street journal. the reporting states that in its second meeting since the kremlin ordered the assault on ukraine a partnership between open and a group of russia led countries dubbed opec plus rick -- instead they agreed to raise their collective output by a modest -- rejecting calls for moral producing countries to do more. the wall street journal editorial board says the reason why they are

and without the opec nations doing more, the opec nations minus russia doing more to support that positionnd essentially come out against russia, make a strong position against one of their larger members, the european union is in a bind. they continue to discuss oil. foreign ministers monday, europe ministers yesterday coming into easter. the real focus is nothing is off the table. oil and gas hugely important. oil four times larger in terms of imports and value to russia as well. the gas -- so oil is necessarily the big focus. as you say, there are so many countries in the european union that depend on russian oil. lets's take lithuania, president is on the way to kyiv, very big statement by going to kyiv. the lithuanians said, yes, we're the first to cut imports of russian gas. they are still forced to take russian oil because they're so heavily dependent on it. there isn't an alternative. poland also very heavily dependent. perhaps he'll talk about that when they get to kyiv. these are the constraints. i don't think we're expecting a sixth round of sanctions for it to be heavily focuse

opec should be doing right now. and this is kind of how we're seeing this over here and how a lot of oil and gas analysts are looking at this. i mean, normally when oil prices are spiking when there's a clear shortage of supply in the market when, when stocks are starting to dwindle down when, when the demand is, is running higher than supply normally opec steps in it, you know, usually we'll hear the saudi oil minister coming on and saying with some soothing words to try to talk the price down. and then if that doesn't work, you know, the saudis and opec right now have between 3 and 4000000 barrels a day of surplus. well, production capacity that's not being used. they're holding that in advance so they could bring significant oil on stream with basically just twisting a few valves in a few weeks. there be some more oil on the market. they're not doing that this time around. normally this is what we see and you know, these emergency stocks are really held for emergencies. and opec isn't taking action by the ministr

on opec, i was asked before the opec meeting if we had a message to opec. my answer was, we have no message for opec. they know the industry, the market, supply and demand. i must have a difference of opinion. we believe, not just believe, but i can see the physical evidence that the market is short about 2 million barrels a day if not more from russian supplies into the global market. that is clear to me. we can see that. obviously, perhaps some in opec don't see the shortage of supply, but i can understand that it is a complex issue with them with the opec versus opec-plus. i think they're going to have to take some time. perhaps, if you're not going to discuss the issues very seriously, perhaps 11 minutes or 12 minutes is all you need. at the end of the day, they have done what they needed to do and have increase production and announced they will continue increases of production. we don't think that's right. the president is not asking others to do the work we should do. the president took action on behalf of the american government of releasing one mil

opec, what we heard in brussels though? i think that the brussels we're listen to. opec would say is a cartel, it has an interest in increasing or prices, and therefore its members don't really want to increase the output or the present because that would reduce the price, so they want to keep prices high. so they will say yes, yes, we understand that opec is saying, but we hope that the world world availability or will increase because britain is going to explore more in, you know, seeing time, the boys from the, from the low see united states is attempting to increase its all supply and so on. so the situation will not be all that critical. they believe, believe in brussels. this year a germany as among the key you states, which are still heavily dependent on russian energy exports, steve expect a unified approach within the e. u. in the coming months and years towards gradually facing out, facing out russian, oil and gas was germany has said that it's going to reduce significantly. we don't know what the words clinically

kailey: talk about the role of opec-plus more broadly.e got there monthly report saying supply and demand will be impacted by the russian invasion of ukraine. therefore we can stick with the plan. if opec-plus doesn't move, can the oil market really move? is it all in the cartels hands? rebecca: they play very important role in stabilizing this market in the event the eu does decide to include sanctions against russian crude. they said pretty blatantly there is no plan on moving, so i think that's part of the reason we are seeing this rebound at the end of yesterday and today. those comments are very significant. opec is saying that is going to be a huge factor the with the sanctions crossed the line. guy: what's more important to opec right now? its relationship with moscow or washington? rebecca: absolutely moscow. first of all, russia is the second largest producer in opec-plus. if they lose the cohesion in the group, they lose their effectiveness in the market. so they cannot or they really want to avoid fracturing that relationship.

but opec of course, has an interest in increasing prices. and because it's a cartel, and therefore one has to listen to what they have to say. and it would mean that every country now will try to get as much all as possible in the short term. in case of unsure to just later on this year. as fresh for lance over the ukranian presidents recently televised speech to greek parliament, which included an address from as of neo nazis. are these women cause or if the pause from a historically greek village inside don bass, with reaction from locals. the village of stella is located about 50 kilometers from donetta. it's known as a regional center for greek culture, where locals still honor their ancestors traditions. if you would have a 1st, we just had a showcase room. but since 2001, it's become a hall, greek museum. all the exhibits are household items by greeks and steel. many of them are hand made over the last 8 years of the crane civil war. still a saw a major economic decline duties for a line position and many have opted for life elsewhere.

opec would do it again. i was adjust in operation warp speed you can say well producers will guarantee your price not $100 maybe $60 we will guarantee for a year you produce as much as you can. at the end we will refill the petroleum reserve and in the meantime you can be sure the opec won't drive you bankrupt, we have to dig about the environment and we did in operation warp speed and we need to do more than a band-aid of an spr release. jon: in the meantime the united states has been trying to boycott russian oil if this war were to end in three months and in six months maybe less with the united states go back to buying russian oil with europe go back to buying russian oil? and should they? >> my take on this as long as putin is the president russia you cannot trust them he will take the money he receives from selling oil and natural gas and use it once more to rebuild is that the economy. otherwise causing problems for the united states worldwide. as long as we made this commitment to go free of russian

jonathan: what happened to blaming opec?here was a wall street journal report that the white house said was inaccurate that the ministration had reached out for a call with the crown prince and that was rejected. emily, where are we with those talks? where are we without outreach? for many opec are laughing in our faces. they had another meeting. it did not last long. where are we in the relationship between d.c. and react? emily: those reports sent shockwaves through washington. they say we should not be asking these countries we are not allied with to be the ones to ramp up oil and gas prices and a lot of republicans are hitting biden. they say it is the u.s. that needs to have energy independence to step up production. you saw the biden administration touch on that yesterday, saying they were calling on congress to fine companies that have these drilling permits and are not using them or have areas of public land they are not using to produce oil and gas. we know lawmakers are working on a package of bills trying to find

one of the things seems to be opec and opec plus. mr. woods, can you or one of your colleagues explain how opec affects prices on global markets? >> as we've talked about today, congresswoman, the main driver of price is the imbalance between supply and demand, and opec is basically gets together and decides on production and therefore supply in the market place which will then translate into that balance and then pricing. >> thank you, so it sounds like opec sets targets for production that have an impact on price. they restrict output and prices climb but i've also heard today how you and your companies are independently deciding not to invest in new supply or produce more to return value to the shareholder, so you don't control price but you do manage, or manipulate supply to restrict the amount of product on the market relative to rising demand we are experiencing. and you do that to create scarcity which in turn, drives up prices for that product. and of course, that's what creates value to the shareholder. so i guess my question fo

because the europeans want to build up preserves, they opec. of course, russia is a major player in the bank. the american devoss, the saudis, to increase are good. and they basically said no, because relations in saudi arabia and united states over each tower and present that the own situation is not seen by most europeans as really a critical point. because they have been estimates that by the end of the year because of increased output throughout the world, price will come down to about $900.00. but they can cost an interest in increasing prices because it is a cartel. and therefore, when is to listen to what they have to say, and it would mean that every country now we try to get as much as possible in the short term in case that shortages later on this year. france is gearing up for a high stakes presidential race. as french president, emmanuel mccrory goes head to head with the national rally party chief marine the pen in round 2 of the election, a po finds a 3rd of fall left can that there is a loop mellon. shaun's boat is wood back mccl

because the europeans want to build up preserves, they opec. of course, russia is a major player in the bank. the americans devoss the saudis to increase are good. and they basically said no because relations in saudi arabia and united states of our present. but the own situation is not seen by most europeans has really a critical point because they have been estimates by the end of the year because of increased output wide world. prices will come down to about $900.00, but they can cause an interest in increasing prices as because it is a cartel. and therefore one has to listen to what they have to say. and it would mean that every country now will try to get as much all as possible in the short term. in case there are no shortages literal this year as fresh for lance over the ukrainian presidents recently televised speech to greek parliament, which included an address from as of neo nazis. as these were man cause of the pause from a historically greek village in side. don bass, with reaction from locals. the village of stella is located about

one of the things seems to be opec and opec plus. mr.woods, can you as we've talked about today, the main driver of price it and bouncing between supply and demand. opec basically get together to decide on production supplying the marketplace which would translate into balance and pressing. >> thank you. b it soundsd like production has n impact on price, maybebe strict output and prices declined. i've heard how your companies are independent deciding not to invest in newct supply to return value to the shareholder. you don't control price but you do y manage or manipulate supply to restrict product on the market relative to rising demand we are experiencing. you do that to create scarcity which drives up prices for that product. of course that create value to the shareholder. i guess my question for anyone who wants to take this, isn't that what opec has been doing to the american people in our economy since the oil shock of the 1970s? how is your behavior from than that of opec? >> i would say you've mischaracterized the approach the i

because the europeans want to build up preserves, they opec. of course, russia is a major player and make the american devoss the saudis to increase are good. and they basically said no because relations in saudi arabia and united staged over each tower and present that the own situation is not seen by most europeans has really ago point because they had been the estimates and by the end of the year because of increased output throughout the world, wow, pressure will come down to about $90.00. but it will break, of course, has an interest in increasing prices. and because it's loser cartel, and therefore one has to listen to what they have to say. and it would mean that every country now will try to get as much all as possible in the short term. in case there are shortages later on this year. that's fresh for lance over the ukranian presidents recently televised speech to greek parliament, which included an address from as of neo nazis. parties. were mon cars, or if the ports from a, a historically greek village inside don bass, with reaction f

they're assessing theircurrent exposures .and they confirmed compliance with the opec sanctions thatare currently i place . >> offering new investments are considering a fast-forward with existing investments. and are ensuring and affirming plans for sanctions, opec sanctions. >> to consider the president put this on the agenda, i'm would suggest that the votes and the one answer just described, it has an element of us being able to act decisively now and dig deeper, do a deeper dive in the near future and take if there's any other actions we can do and not do it all in one cell school without all the information. that's to the second piece but it's the positive statement that were acting immediately on that but whatwas the number three , 3.25 million . >>. >> 3.2 million of the securitiesthat we could immediately give . that will divest from. >> i would offer a motion which is the suggested motion that we put in the memo is pretty consistent with what the approach is to halt and then to comply with the ruling. that's essentially what we're doing. or advising, anyway. >> i just want

that was the opec secretary general. this could, in fact, have a major impact on not just supplies globally obviously but on economies and this isn't happening in a vacuum, alex, we're not talking about what this is going to do to europe, but to the united states. these are global markets. >> so we're not just talking about gas and energy, we're talking about food as well. the president mentioned how ukraine and russia, they're the number one and two largest wheat producers, if you think about bread, ukraine bans exports of wheat now, and other food, russia's food experts, they're down. what does it mean for the global food supply. is there any way to make up for that. >> this is a big problem, and something actually that we have been talking about in the region, in the middle east, as i covered that closely, and north africa, what that could potentially mean to countries there that already have social and political issues they're dealing with, one of the things we watch closely is the flows of money from countries that

opec keeps russia back plan. they are saying they are not going to increase production which they say would not lower at prices anyway. they say opec members recalled the oil spike when they added output and it did little to calm the market. they are pointing to then saying that even if they increased it it would not do much. caller: united states was the number one producer of oil from the obama administration into the early trump administration. we should do that again. we just have to make sure we increase our rate count and have our oil companies taking oil out of the ground. host: let us reap from this piece in the wall street journal. the reporting states that in its second meeting since the kremlin ordered the assault on ukraine a partnership between open and a group of russia led countries dubbed opec plus rick -- instead they agreed to raise their collective output by a modest -- rejecting calls for moral producing countries to do more. the wall street journal editorial board says the reason why they are

they're actually opec and opec plus are even going to increase production to go along with the u.s. release of the sbr. thank will probably have more of an impact on the dynamic of oil prices than a normal spr release would. >> and peter, what is the next act for the white house in trying to get their arms round this economic issue with time not that long before the midterms when they really have to get the numbers up? >> reporter: i mean, they recognize that here. that's what you can use as the back drop at the president's announcement. 180 million barrels of oil to be released over the course of the next six months is significant. the president says he wants that to chip away at gas prices. he believes we'll begin to see that happen over the course of the next several months as well. the use it or lose it policy they describe it here at the white house, effectively calling on congress to make it that companies that have leases of public lands but are not using them to produce oil or energy right now would face some penalties. obviously that's going to face stiff resistance among l

the 1973 arab israeli war prompted an oil embargo by opec that led to a fuel shortage and resulted in global recession. the world suddenly realized just how dependent it was on the middle east and opec for its oil. britney, suffering chronic inflation, and rising prices. very similar to current inflation rates. they calls spade limits lines at petrol stations. i remember joining long queues to my local petrol station, ron or pinkerton, and being limited to a gallon or to a 4 star wellstar country was plunged into crisis. a few observes were saying that the answer to high prices is always high prices. and so it proved consumption was carved in the night to seventy's and supply grew dramatically back. then the government even urged citizens to hate only one room to save money. what is being offered now? something similar, the labor party quickly came up with a solution in the spirit of the seventy's, koresh and energy rolling blackouts. the government should be preparing not necessarily in public for that situation. there is a lot of complacency in this country about the relative lower

tell us a battalion neo nazi with impossible to replace opec warns of an unprecedented energy shortage in europe. if it suspends russian oil supplies, our panel of guests weigh in on the prospect of the block, cutting off russian energy. you cannot run an economy like the european economy based on this faith based energy policy. of course, the government is shutting down the economy. what they do and very aggressive policy, that is ideology driven. also in the program, a study finds the u. s. news coverage of the war in ukraine surpassed that the was both in iraq and afghanistan. we begin to some of the reasons why it scripts so many household with from moscow to the world. this is all the international. i'm peter scott. and these, the top stories this, our president, putin has dismissed the allegations of russian war crimes in the ukrainian town of boucher calling them fake. that was during a media conference with his bella russian counterparts. because then you may go to the butcher. when i talk to my western colleagues about boucher, i asked them if they saw what happened in rocca,

the while western sanctions against moscow show no sign of relenting the international consortium. opec has warned, against spanning russian oil supply thing. they are critical to global markets. otherwise, the world might face one of its worst oil supply shocks in history. according to opec's, secretary general, more details on our website or to dot com pakistan's parliament has elected a new prime minister, shabazz sharif, who is widely seen as a western friendly politician. the appointment followed the ouster at the weekend of p. m. in ron khan, who lost an a no confidence vote on allegations that he was mismanaging the economy . concepts sharif is corrupt, a man who has one corruption case of 16000000000 rupees, and another corruption case of 8000000000 rupees against him. for that person to be selected and elected is the prime minister. there cannot be a bigger insult to the country. shavani shareef was 3 times the chief minister of poon, job parkinson's, largest and richest province. and he led to the opposition campaign to remove him on con is the younger brother of now was shari

emerging from the as of steel, industrial complex, which is on the nation with impossible to replace opec warns of an unprecedented energy shortage in europe. if it suspends russian oil supplies our bundle of guests weighing on the prospects of the blog because in russian energy, you cannot run an economy like the european economy based on this place, energy policy. because the government is shutting down the economy to what they do and very aggressive policy. that is ideology driven. also coming up in the program, the studies found the u. s. news coverage of the war ukraine. the past is that of the wars in iraq and afghanistan, we dig into some of the reasons why it scripts so many households. with you're watching r t international monies, peter scott and worthy journalist from welcome to 30 minutes of news and analysis. president putin has dismissed the allegations of russian war crimes in the ukrainian town of boucher calling them fate during a media conference with his beller russian counterparts. because then you go to, would you just when i talked to my western colleagues about bouc

opec plus, russia is amember. already opec nations are struggling with their production in terms of meeting the quotas that they set for every month in terms of how many barrels they are able to put on the market. last week of course we saw the big move by the united states in terms of strategic petroleum release. 180 million barrels promised to the market. that's essentially giving the u.s. economy a million barrels per day. at the end of the day, this is a country that requires 20 million barrels per day, in terms of energy needs. this is going to continue to be a tight market. energy markets have a huge impact on inflation. we're talking about commodity prices as well. i want to mention that when it comes to wheat prices we're seeing white prices up as much as 20% in march. that's of course a direct result of the fact that they weren't able to export through the black sea, the usual route to global markets and we're talking about a situation in which a knock on effect is happening, not just to european nations

. >> so far we've had very little cooperation from saudi arabia, uae component in terms of opec pluseluctant to pressure russia in any way. >> i think people are now a lot more skeptical that the answer to filling in any lost russian supply really will come from saudi arabia or opec countries. we heard the secretary general of peck say that don't expect it would be quote/unquote nearly impossible for opec to fill in if russia's oil exports came off the market. the question is, is there a combination of those oil sales being met by india and others so that it's not as large as the 50% of russian oil exports that normally go to europe. i think we're also going to have to look to other places, to the united states, canada, brazil. and then ultimately prices are going to rise and there will be what we call demand destruction. and that will help bring the combination of the higher price and demand destruction and other supplies will bring the supply and demand back in line. but this could be quite painful for european economies and the global economy. >> do you think germany will eventual

this will change the calculus opec class, which has been resisting cause to increase output. do you think it'll push them to try and increase the scale of their production? if anything, i think it does the opposite. they can point to the fact that the u. s. and others are releasing all the s b r and therefore say that the market doesn't need our tech class to have more supply. i've been very, very reluctant over a couple of meetings since the conflicts started to do anything to adjust that current plan. and i think for now that remains the case. now we've heard renewed calls this week, richard for the team, for the sanctions on russia, the energy sector after the an h atrocities in butcher came to light. but european countries, we know, have been reluctant, right? to impose a bond on russian energy, if a boy caught russian oil and gas at all possible for europe, what impact will it have on, on european economies like germany, for example? well, i think if, even a few weeks ago, we said it looked almost impossible about calculating, changing. they all, it appears the european

tell us a battalion neo nazi with impossible to replace opec warns of an unprecedented energy shortage in europe. if it suspends russian oil supplies, or puddle of guests, weighing on the prospects of the block coating russian energy, you cannot run an economy like the european economy based on this faith based energy policy. of course, the government is shutting down the economy. what they do and very aggressive politics, that is ideology driven. also coming up a story, finds the u. s. news coverage of the war in ukraine past that the was in iraq and afghanistan. we dig in for the some of the reasons why it's gripped so many households with just gone am on wednesday morning here in moscow. my name is peter scott and welcome to 30 minutes of news and analysis. here nazi international president, putin has dismissed the allegations of russian war crimes in the ukrainian son of boucher calling and fake. and that was during a media conference with his bell russian counterparts. because then you regret, butcher, just when i talked to my western colleagues about boucher, i asked them if they

thus the warning coming from the opec group of oil producing nations. we could potentially see the loss of more than $7000000.00 barrels per day of russian oil and other liquids. exports resulting from current and future sanctions or other voluntary actions. considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude. it comes in lights of concerns from europe. luxembourg has warned, impending sanctions. currently been discussed by the union would heavily impact germany's industry and later the whole of europe. and as for the u. k, the report was that the countries, inflation rate is heading towards 9 percent, which would be the highest in 40 years. household incomes are expected to decrease by 3 percent, while the unemployment rate could rise to 4.6 percent, which is up from the current level of $3.00. and the u. k is not the only country that has to come to grips with an energy crisis. that of germany's federal network agency said in a recent interview that if russian gas supplies could, germany