Around the globe, and the white house has turned a blind eye, especially the last year or two because its been trying to smooth relations between iran and the western world. But now if the white house decides to enforce those sanctions, that means supply from iran would be cut off and coming at a time when oil supplies have been tightening because saudi arabia and russia, the two largest exporters of oil in the world, who are also part of 0pec , have collectively been reducing 1. 3 Million Barrels of oil per day since july and there is a good chance it may continue next year as well. So if this happens there will be a scenario where there will be less oil supply, more demand, and that leads to higher prices. Even though Major Oil Producers are not directly involved in the conflict it has still sparked uncertainty as far as oil prices are concerned. Talking about that was azlin ahmad, covering crude oil markets in the middle east and asia pacific and she told me that yesterdays spike in
which cost nearly £40 billion but mps says hasn t had a clear impact . and the fallout from the royal interview continues. the tv presenter piers morgan says he stands by his criticism of meghan markle after he quit his own tv show due to thousands of complaints. we begin in the us, where the house of representatives, the lower house of congress, is expected to pass a major stimulus package. it is worth $1.9 trillion. the plan was approved in the senate on saturday despite every republican voting against. here are the pictures from the house of representatives. it very much locate will pass on party lines. before the vote, there was a debate for several hours. this is what we heard from one democratic congresswoman. this is a historic day. it is the beginning of the end of the great covid depression. it also marks the end of a decades long successful battle by big corporations and the super rich in this country for trickle down economics. the idea that the rich getting ri
welcome to hardtalk. i m stephen sackur. the idea of a social contract is a staple of political philosophy. put crudely, it s the ties and obligations that bind the individual, the community and the state. but what happens when that contract is threatened by forces beyond the control of any national government say, a climate crisis or, right now, a global pandemic? my guest is baroness minouche shafik, the director of london school of economics, former top official at the world bank. is humanity capable of collective action to meet global challenges? baroness minouche shafik, welcome to hardtalk. thank you very much. lovely to be here. it s a pleasure to have you on the show. you have written extensively, through a long career as a top economist, about the relationship between the individual and the collective whether it be the community, the nation state or, indeed, the wider world. what do you think the covid pandemic has revealed to us about the limitations of, for exa