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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...

You mentioned president biden�*s visit to the middle east, to saudi arabia, a big member of the opec group. can the opec group, you say it's tight, supply is tight but can they do more? i mean, saudi arabia, if you look at what they say is essentially their maximum spare capacity, or sustainable capacity, they say they can go up to around 12 million barrels. they are currently producing over ten. so there is some additional volume the saudis can bring to the market. but the problem is, if they exhaust all of that capacity now, there will be no shock absorbers to deal with any additional supp...

Watching for over the coming months is that russia has been discounting their barrels in the key asian markets. they are now the top supplier in india. they have essentially taken iraq's number one spot. and so the question is, how are they opec producers going to like to have to compete with russia when it comes to price for the all—important asia market? back in march, helima, president biden released petrol oil reserves for six months. is that going to be extended? well this was the largest release from the united states�* strategic petroleum reserve. it will be exhausted in october and...

Helima, we've talked about opec but there is also opec plus, which russia is a part of. do you think the relationship, russia's relationship with opec will change because of the war? well, this is a great question. because russia has been essentially the co—chair of the opec plus arrangements since 2016, when you had russia essentiallyjoin the producer group to really put a floor under prices. and the saudis and the emiratis, the two big middle eastern reduces, have really said that they are looking to keep russia part of the group. they're not looking to break with moscow, despite the escal...

Trade, whereas opec is about, opec members do not trade court the mac oil with a cello. they come on the global market, coming together to set targets and quotas to manage global energy supplies. no matter what geopolitical issues are going on in the world or even conflicts, i mentioned in the middle east we have had many conflicts in the past, that cooperation from global energy price stability is still fundamental for the world economy. well, on that note, majid jafar, thank you so much for your time. much appreciate it. thank you, good to be with you. well, that's it for this week's show. i...