Hello and welcome to Outrageant Optimism. I'm Tom Raviccarnick. I'm Cristiana Piedes.

And my name is Paul Tapuardiconson. This week we talk about the recent announcement

from OPEC to increase output, the fact that it has an effective prices and what that means

for the end of the fossil fuel era. We speak to Zappora Berman, the director of the

fossil fuel non-proliferation treaty, and we have music from Sharman Rashaghan. Thanks

for being.

So, there is a lot to go through this week as ever, very fascinating piece of news that

came out this week, which is the after months of pressure on OPEC from the Biden administration

and others. There was an announcement in ReAD that production of oil would be increased

by 650,000 barrels a day. Now, you would imagine that that level of increase would lead to

an effect on the market, but interestingly, after that big announcement that Saudi Arabia

and Allied producers would start plumping more quickly, the price of oil actually went

up to $120 a barrel on Monday. There's lots of reasons for this, not least, that a proportion

of the additional capacity was already placed into the market. So, as a result, it had

less of an impact. However, what it demonstrates is that the globe now has a really limited

suite of options available to try to bring the price of oil down. We're pretty much pumping

at capacity. We can't just say, let's just turn the taps on and pump more. If we're going

to deal with the cost of living crisis, if we're going to get on top of the terrible

way in which energy costs are actually creating hardship for people around the world, the only

way to do that is with a more rapid shift to renewable energy because these prices of

fossil fuels have spiraled out of control. This should be a real wake-up call. OPEC and

Saudi Arabia come forward and try to reduce the price and they can't do it. Therefore,

...