i m going to be discussing all of that with these two, there they are, dr ulrich hoppe, the director general of the german british chamber of industry and commerce. and helima croft, a member of america s national petroleum council, which advises the us energy secretary on strategy. also on the show, the big boss of the middle east s oldest privately held oil and gas company, crescent petroleum, joins me to talk about those skyrocketing prices, energy supply and the impact of the war in ukraine. wherever you rejoining me from around the world, once again, a big hello and a warm welcome to the show. you know, they war between russia and ukraine is about to enter its sixth month. the human suffering on the ground has been massive and the economic consequences of the war and the sanctions imposed on russia, are spreading around the world. nowhere is it as stark as the oil and gas industry. vladimir putin s invasion of ukraine is causing energy prices to skyrocket around the worl
an energy emergency? energy companies across the continent warn of higher prices. limited rationing is already under way in germany as the supply from russia starts to drop off. in america, they ve released more oil to the market but is it enough to keep us all going? with more sanctions and cold weather on the way, are we looking at a perfect storm for the energy market? i m going to be discussing all of that with these two, there they are, dr ulrich hoppe, the director general of the german british chamber of industry and commerce. and helima croft, a member of america s national petroleum council, which advises the us energy secretary on strategy. also on the show, the big boss of the middle east s oldest privately held oil and gas company, crescent petroleum, joins me to talk about those skyrocketing prices, energy supply and the impact of the war in ukraine. wherever you rejoining me from around the world once again a big hello and a warm welcome to the show. you know, t
trade, whereas opec is about, opec members do not trade court the mac oil with a cello. they come on the global market, coming together to set targets and quotas to manage global energy supplies. no matter what geopolitical issues are going on in the world or even conflicts, i mentioned in the middle east we have had many conflicts in the past, that cooperation from global energy price stability is still fundamental for the world economy. well, on that note, majid jafar, thank you so much for your time. much appreciate it. thank you, good to be with you. well, that s it for this week s show. i hope you enjoyed it. don t forget, you can get the latest updates on the war in ukraine and the impact it s having on our global economy on the bbc website or the smartphone app. you can also follow me on twitter. tweet me, i ll take you back. you can get me @bbcaaron. thanks for watching. i ll see you soon. bye bye.
volatility, which is really harmful for the global economy. majid, as we know, russia is part of what they call the opec+ group. but i m wondering, given the war, do you think the relationship between opec and russia will change? so that, you know, partnership the opec+, it s russia and several other producers who weren t previously in opec. that s about collaborating or cooperating to manage global energy price stability. and, actually, we sawjust two years ago, during the covid pandemic, that the whole world relied on that and actually joined in that alliance. the us government encouraged us companies to participate in that when oil prices crashed and actually hit briefly negative levels. so it s been important for global energy stability. it s not about, you know, necessarily friendship or political alliance.
of thousands of barrels from places like the uae. but it s not much overall in the larger scheme of things. and the issue is it takes time and a lot of investment to add to that capacity. and also, you don t want to be losing all the spare capacity because it s kind of the balancer that leads to stability in prices. if all the spare capacity goes in the system, you end up with much more price volatility, which is really harmful for the global economy. majid, as we know, russia is part of what they call the opec+ group. but i m wondering, given the war, do you think the relationship between opec and russia will change? so that, you know, partnership the opec+, it s russia and several other producers who weren t previously in opec. that s about collaborating or cooperating to manage global energy price stability. and, actually, we sawjust two years