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🗓️ 15 November 2022
⏱️ 24 minutes
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0:00.0 | Is the end of Europe's energy crisis in sight or is it far from over? |
0:04.6 | Our view is that Europe can get through without blackouts, without huge issues, again because of how much storage was built. |
0:12.1 | The problem is, we get to the other side of this winter |
0:15.8 | and we have to do it all over again. |
0:17.7 | I'm Allison Nathan and this is exchanges at Goldman Sachs. natural gas supplies and warm weather across Europe are creating optimism that the continent |
0:35.2 | may be able to avoid shortages and blackouts this winter. |
0:38.9 | Is that optimism premature? |
0:40.9 | Joining me today to discuss the state of Europe's energy crisis and its impact on the broader |
0:45.2 | European economy are my colleagues in Goldman Sachs research, Samantha Dart, a senior energy |
0:50.6 | strategist who focuses on the natural gas markets and |
0:53.5 | Yarri Staying our chief European economist. Sam Yarri welcome back to the |
0:57.4 | program. Thanks for having us. |
0:58.8 | Hi Allison. So let's start with the implementation of a price cap on Russian oil, which is set to begin in early December. |
1:06.8 | Sam, what exactly is said to happen and what effect would that have on global prices? |
1:12.2 | So at first the price gap announcement sort of surprised us a bit because Europe had already decided that it would block all Russian product flow into Europe in the first place. |
1:24.0 | So why would you cap a price of something you're not buying, right? |
1:28.0 | But the price cap is actually to be imposed on third parties buying Russian oil and products. |
1:36.1 | So the idea is that for European companies to offer financial services and insurance for those thinkers full of Russian oil to be delivered elsewhere, |
1:47.2 | it would need to be sold at a certain price cap or below. |
1:52.2 | So that's the idea to reduce Russian revenue in the |
1:56.8 | volumes that they would sell elsewhere. Now we haven't really put a lot of |
2:01.8 | weight on that price cap itself, the starting prices too much, because one of the issues that we see is that this measure is supposedly not going to be fully enforced. They only require an |
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