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Translation: we were worried about the rising prices that - are going to happen, so we needed them to be capped, with a 15% is enough, i don t know. we will see when the time comes. it s already not bad and we hope prices would go up more in the future. not go up. 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 dollars. that is almost three times what they made the 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. where it determines the price of ele ....
Which typically causes demand for oil and gas to surge, millions, millions of households and businesses are worried about just how they are going to afford to pay their bills politicians in europe and across the rest of the world i 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. it in fact, in 2020, russia was the source of the 46% it in fact, in 2020, russia was the source of the 4696 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 ....
Looking at. we will 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 pursuing strategies to prevent that from happening- pursuing strategies to prevent that from happening. the likes of china, india, in particular from happening. the likes of china, india, in particular india from happening. the likes of china, india, in particular india by- from happening. the likes of china, india, in particular india by record l 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 they funding the war machine? yes, well unless they just funding the war machine? yes, well unless they just like funding the war machine? yes, well unless they just like the ....
Natural gas supplies from russia, in particular, and in a sensejust the fact russia, in particular, and in a sense just the fact that having an election, i think, is not ideal at this moment. with a functioning government at this critical moment, as i said, the budget, for example, will probably be delayed until next year and there s about 1% of gdp worth of european funding thatis gdp worth of european funding that is due at the end of the year which is now coming under threat. all of this adds to the rest when italy will enter a recession in the coming months. it s worth saying that italy is the biggest recipient of the eu s and any recovery fund with billions in grants and loans and all of that is tied to reforms covid recovery fund. how likely will bring be able to deliver on those reforms and get access to the money that it needs? ., , get access to the money that it needs? . ,.. .,, needs? indeed, that is actually one of the needs? indeed, that is actually one of the major ....
Our cooperation with the us, our cooperation with the uk in this field, which is.should be.should inspire us, by the way, to deal with other issues and the unity inside the union. so we have strengthened our mechanisms. on eu nato, my point is very simple one complements the other. there is no opposition there. joao vale de almeida, we have to end there, but i do thank you very much forjoining us on hardtalk. thank you. my pleasure. thank you. ....