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How do we make sure that this is not exploited by those who have real knowledge of how the system works. we know that our country as well as the eu and others who are looking at this are also pursuing strategies to prevent that from happening. the likes of china, india, in particular india by record amounts of cheap russian oil, how do you stop the likes of those countries and their money flowing back to the kremlin, which is funding the war machine? yes, well unless theyjust like they are going to do, they are independent countries, they will continue to purchase oil from russia at a discount. if there is a price cap, that really limits the amount of money that russia is able to extract, then it will increase the leverage of china and of india or anyone else who wants to buy russian oil, it gives them the ability to say, look, there is a price cap over there, we re not going to pay more than they are paying. ....
They are going to afford to pay their bills. politicians in europe and across the rest of the world are trying to take action to limit the economic damage, but also come up with long term solutions. two numbers explain the scale of the problem. last year russia was the world s third biggest oil producer. and the second biggest producer of natural gas. much of that was exported to europe. in fact, in 2020, russia was the source for 46% of all the coal used in the eu, 39% of gas, and 23% of oil. but europe doesn t want to buy it any more because it is funding russia s invasion of ukraine. however, when you take such a significant amount of supply out of the global market, of course there is less to go around, then as you can see here, the benchmark prices for oil and gas have both soared in the last year. it s one of the main reason ....
While we are on that, what do you think is the long term future of these pipelines? do you think they will be fixed or is europe s use of russian gas now a thing of the past? i think russia has proven itself to be an unreliable energy partner. it used to be reliable. no more. no country wants to take the risk of putting a significant amount of its energy demand to russia s supply. it is clear, in fact this accelerates the eu s push to become energy independent through clean energy. they are building up their own home grown energy. i am here at the iaea conference, every country is looking at the risks associated with putting too many eggs in one basket or putting too many eggs in the basket of petro dictators and the volatility of the fossil fuels that accrue from that. everyone is looking at how i can become energy independent. we strongly suggest that should be through clean energy and all countries are ....
When the time comes. it s already not bad and we hope prices won t go up more in the future. and these higher prices, we have already seen, mean the big energy companies are amongst the few winners from this crisis. in the first half of this year, five of the biggest western firms made a combined profit of more than $95 billion. that is almost three times what they made the same time last year. given that nearly $514 billion of support for struggling businesses and households has been committed to by the governments of the eu and the uk, it s little wonder they are looking to get hold of some of those profits. translation: there are windfall profits, excess profits which are made by energy producers who simply take advantage of the situation whereby the very expensive price for gas determines the price of electricity. therefore they earn a lot of money. so we firmly resolved to change the market structure in such a way that these windfall ....
While we are again, we have to wait. indeed. while we are not again, we have to wait. indeed. while we are not on again, we have to wait. indeed. while we are not on what - again, we have to wait. indeed. while we are not on what to - again, we have to wait. indeed. while we are not on what to do | again, we have to wait. indeed. . while we are not on what to do you think is the long term future of these pipelines? do you think they will be fixed or is europe s use of russian gas now a thing of the past? i think russia has proven itself to be an unreliable energy partner. it used to be real damning reliable. no more. no country wants to take the risk of putting a significant amount of its energy demand to russia s supply. it is clear, in fact this accelerates the eu s push to become energy independent through clean energy. they are building up their own home grown energy. i am here at the iaea conference, every country is looking at the risks associated with putting too many eggs ....