The squeeze on Russia continues
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 1 March 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
The International Energy Agency will hold an emergency meeting to discuss whether to release oil from strategic stocks to offset rising energy prices caused by Russia’s invasion of Ukraine, Russian financial markets have descended into turmoil after western sanctions over the weekend struck the country’s financial system, and gulf states are staying neutral when it comes to the war in Ukraine.
Mentioned in this podcast:
IEA to discuss releasing oil stocks on Tuesday to stabilise prices
Russia doubles interest rates as sanctions send rouble plunging
Gulf states’ neutrality on Ukraine reflects deeper Russian ties
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.7 | Good morning from the Financial Times. |
| 0:11.3 | Today is Tuesday, March 1, and this is your FT News Briefing. |
| 0:18.7 | The war in Ukraine is causing energy prices to skyrocket, and the US and its allies are |
| 0:23.9 | meeting today to discuss potentially releasing oil reserves to offset prices. |
| 0:28.7 | And Western sanctions are wreaking havoc on Russia's financial system. |
| 0:32.8 | This is basically one of the ways that the West has to financially attack Russia, |
| 0:38.8 | and it's really brutal. |
| 0:40.5 | Plus, we'll take a look at how Gulf states have positioned themselves in this conflict. |
| 0:44.9 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:48.1 | The International Energy Agency will hold an emergency meeting today to discuss |
| 1:00.4 | releasing oil from their strategic reserves. |
| 1:03.0 | The goal would be to stabilize the market. |
| 1:05.2 | Oil prices jumped above $100 a barrel after Russia invaded Ukraine. |
| 1:10.0 | Here's our EU correspondent Andy Bounds. |
| 1:13.1 | If they do release a stock to be the first time since the Libyance of War of 2011, |
| 1:18.0 | Liby, obviously another big oil producer, and it'll only be about the fourth time in history |
| 1:22.7 | that they've done this. |
| 1:23.5 | The Gulf War 1991, and the Hurricane Rita, and Katrina in 2005, so it's pretty serious. |
| 1:31.0 | So how much would this actually affect energy prices, Andy? |
| 1:35.8 | I think it will send a signal to the market that countries are willing to intervene. |
... |
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