shut down or shrinkage of grain exports from the war. what kind of impact has it had on your organization? it is a great question, mike. well, we know a couple of things are true. first it is a huge impact on the global refugee crisis and we launched a campaign in combination of the refugee crisis and it is effected the issue of global food security. that is why as part of the this campaign, we re seeking to tackle the issue of global food security head on and there is would ways to address it. first you need to address the urgent issue of getting grain out of ukraine and accessible to those across sub saharan africa. and because russia has been such a huge provider of fertilizer, you re missing out of hundreds of millions of tons of fertilizer at the very moment here in ghana where the planting season it about to begin and that is why we need to make sure that we support, the international federation for development and economic development, to make sure they could provide
Are outweighed in some ways by higher food prices, mortgage, raids the fact that people are really stretching their funds to make things go as far as possible. one of the things that they re able to cut is so bad for that group. they re just driving less. what are the questions going forward is not just the pitch back at home in the united states, but also globally in terms of this cap on russian oil. it s been very mixed receive, mixed reception from folks we ve spoken to over the last few months. india, china, and others have made it clear that they re open to continuing to take on russia, just as long as they can essentially bypass any kind of sanctions from the west, from the united states. the bigger question going forward is the demand picture, and how important what we ve seen in china, in terms of the covid strategy, it s going to be long term for the market. what we really see over the last couple of days, and weeks, even a saudi arabian, at the de facto leader of a pack, spea
Early today, a group of oil producing nations led by saudi arabia and russia agreed to stick to its policy of reduced oil production. they won t cut output any further, at least for. now two months ago, opec prize in court the u.s. and its allies when it agreed to cut production by 2 million barrels per day. that s about 2% of world demand. joining me now from dubai, cbc international correspondent, have the gamble. hadley, welcome. as you, know a few months ago opec plus ignored the calls from the u.s. to release more petroleum, trying to lower u.s. gas prices. how might this decision to keep it where it, as montaigne the same applied, impact the fuel prices and the global economy? well essentially, alex, this is what is known as a roll over. there is such a keeping in line with the decision that we made a couple of months ago in terms of the production cuts. when we think about this a bit more broadly, these are folks that are really watching this market closely. they are looking a
Long term, and even short term impact that the cap on russian oil can have on the markets, because you don t want to downplay the situation. we re at a very critical point where russia could just stands to even allow themselves to cut production, to take barrels off the market, just to her ear, up the west, and their efforts at this point. to curtail their profits from crude. okay, but gas prices in the u.s. have been steadily falling over the past couple months, despite this cut in opec. can you explain that for us? and the factors that are responsible for a lower prices at the pump. okay, china is essentially important to the demand picture as opec plus as to the supply side. you never want to discount how important is the word recession. at the end of the day, and a high inflationary environment, people are looking at their bank accounts and thinking, where can make a cost? how can i make the money that i have stretch as far as i possibly can. things like higher energy costs
Deliveries to their homes, etc, head of thanksgiving, head of christmas stop as you say, it is interesting timing from that perspective. but these ceos are making it clear they are having to make tough choices, given what is ahead, i.e. the economic outlook for the next 12 and 2a month. economic outlook for the next 12 and 24 month. economic outlook for the next 12 and 24 month. yes. they are havin: 12 and 24 month. yes. they are having to 12 and 24 month. yes. they are having to prepare 12 and 24 month. yes. they are having to prepare on 12 and 24 month. yes. they are having to prepare on that - 12 and 24 month. yes. they are having to prepare on that front | having to prepare on that front and it is a reflection that with basically everyone is going to have to readjust a lot of the economic models in the demand picture is probably not the same one as beforehand and that s the biggest struggle that s the biggest struggle that they have. to a certain extent they may have been la