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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 th ....
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 k ....
Even in europe. but you say supply is tight, but, correct me if i m wrong, opec could increase its supply, couldn t it? so there s actually currently very little supply capacity, spare capacity in the opec system. currently, opec members are struggling to produce even their target quotas as they are. there may be some, or there is likely some, in saudi arabia. but not very much. is it a million barrels, less than a million barrels? and perhaps some hundreds 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 ....
Up with the climate finance commitment that you made that was supposed to have been paid two years ago, just $100 billion, dwarfed by what s being spent within europe and within the us, even though emissions in those continents have been falling for decades now. and now you want our natural resources and you re willing to, you know, put your climate commitments to one side, which is what we ve seen a little bit in the last week, even in europe. but you say supply is tight, but, correct me if i m wrong, opec could increase its supply, couldn t it? so there s actually currently very little supply capacity, spare capacity in the opec system. currently, opec members are struggling to produce even their target quotas as they are. there may be some, or there is likely some, in saudi arabia. but not very much. is it a million barrels, less than a million barrels? and perhaps some hundreds ....