TVRI — broadcast 20260920 120000 UTC 505 transcript segments Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:17] Ladies and gentlemen, welcome back to Impact Plus, [00:00:21] where we discuss the most important global issues. The wars of [00:00:25] recent years, as well as the pandemic, have created [00:00:29] major problems for the world economy. What [00:00:32] is our current position and how great is the risk that [00:00:36] the entire world economy will go downhill? We will find [00:00:38] out today from Mr. Cristian Sulea, entrepreneur, [00:00:42] economist, and university [00:00:53] we announced at the beginning of the Impact Plus show, [00:00:57] today we are discussing what is happening in the global [00:01:00] economy, and I would [00:01:03] like to start with the oil market situation, especially after the latest [00:01:07] news that has come, particularly from the Middle East. The Strait of [00:01:11] Hormuz has been blocked since February. Now, after [00:01:14] the events in Yemen, it seems that those [00:01:18] Houthi troops are taking control of the Bab-el-Mandeb Strait, [00:01:21] hitting oil targets in [00:01:24] Saudi Arabia. Please tell us what is happening in this market [00:01:28] at this moment. I think the whole issue [00:01:32] is important in context, because these [00:01:36] in a broader context, [00:01:39] which primarily includes the war [00:01:42] that was launched by the United States in Iran through [00:01:46] the attacks a few months ago, but [00:01:50] we must understand this in an even broader context, because things are not [00:01:55] stop us from doing this completely disconnected from the war launched by the Russian Federation in Ukraine. [00:01:59] Practically, the Russian Federation [00:02:02] counts Iran among its allies, and [00:02:06] Iran has been using the Houthi rebels for a very long [00:02:10] almost six months after time as a tool against its enemies [00:02:13] in the region, and here we are primarily talking about [00:02:16] Israel, which is somewhat [00:02:19] identified alongside the United States as one of the two main [00:02:23] enemies of the regime in [00:02:25] Tehran, not of Iran in particular, but very [00:02:29] specifically of the Ayatollah regime, which [00:02:32] took control many decades ago [00:02:36] in Iran. So, somehow, all these issues are [00:02:39] connected. If we look at the international context from an [00:02:42] economic point of view, we observe that there are major [00:02:45] disturbances in the oil products [00:02:48] market. Today, in particular, we see major [00:02:52] problems with pump prices for fuels, which is [00:02:56] directly felt by citizens, and here. [00:03:00] Why did I want to make this whole connection? Because here, the lack [00:03:03] of fuel on the market is also related to [00:03:07] Iran's efforts to disrupt [00:03:10] the supply of oil products from the Gulf [00:03:14] region, but at the same time, it is also related to the Ukrainian [00:03:17] strikes on Russian refineries [00:03:21] that are used to finance the Russian Federation's [00:03:24] war of aggression. So, somehow, we are in a [00:03:27] moment when, from all sides, the activity in [00:03:31] the oil sector, in the area of hydrocarbon energy production, [00:03:35] is disrupted because we have these open [00:03:38] conflicts that involve a [00:03:41] very important component in this energy area. [00:03:45] So, let's admit that Donald Trump was right when he said [00:03:49] that part of the crisis is due to [00:03:52] the strikes that Ukraine [00:03:54] is carrying out. [00:03:56] It is evident that when the Russian [00:04:00] Federation goes from being a diesel [00:04:04] information and advice from exporter to a diesel importer, something that was [00:04:07] inconceivable a short time ago, this [00:04:10] will have consequences, it will have repercussions on the global market [00:04:14] for fuels, because we don't need to [00:04:17] buy fuel from the Russian [00:04:20] Federation. We can still assume that European countries and [00:04:24] European companies have kept their word, have [00:04:28] respected their promises and legislation, [00:04:32] respecting sanctions and not buying fuel directly from [00:04:50] countries that previously imported [00:04:53] diesel and fuel in a more general sense from Russia are [00:04:57] forced to go and look for this fuel on the international market [00:05:01] elsewhere, and that means increased competition for a diminished [00:05:05] quantity of product, which, naturally, according to [00:05:08] the basic principles of economics, means higher prices for [00:05:12] everyone. Mr. Năsulea, what estimates are there at this [00:05:15] moment, given today's [00:05:19] date, September 15th, [00:05:22] how high could oil prices go, and how would that translate [00:05:25] for end consumers at the pump? [00:05:28] Here you will [00:05:30] certainly find many specialists in the field who [00:05:33] will give very wide ranges for these estimates, so [00:05:37] we have been talking in recent months about oil prices that [00:05:40] were absolutely dizzying beyond $150 per [00:05:44] barrel in certain situations. Now we must also be aware [00:05:47] of the fact that many of these specialists are [00:05:51] specialists precisely because they work in the field [00:05:54] for certain companies or for certain states that have interests in this [00:05:57] area. So, somehow, I would [00:06:01] not put too much stock in [00:06:05] estimates that talk about prices [00:06:08] over $150 per barrel. Just as [00:06:11] I would not put too much stock in [00:06:15] voices that say that everything will be resolved [00:06:19] very soon and that we will be able to buy oil again [00:06:22] for $30 a barrel. Both are issues that are out of sync, out of [00:06:26] normal, and all we can say after these [00:06:29] months since the outbreak of the war in Iran, which [00:06:33] actually exacerbated this problem in the [00:06:36] energy sector, is that the current [00:06:39] price of oil on the international market [00:06:42] reflects quite well the expectations [00:06:46] of the major players in this field. So, practically, when [00:06:50] we have oil that is hovering [00:06:53] somewhere around $90, $100, [00:06:56] or, well, we have also had days with [00:06:59] somewhat better prices, these prices do not only reflect the current [00:07:03] situation, they also reflect the expectations [00:07:05] of the players in the field who have more information than us ordinary [00:07:09] people, which means that, overall... we [00:07:12] should not see fluctuations that would take [00:07:15] us very far from this average that we are starting to [00:07:19] see now [00:07:23] the outbreak of the war in Iran. Mr. Năsulea, [00:07:26] when I started my journalism career, my first [00:07:30] director always told me when I was writing a story to [00:07:33] look for who, who benefits from [00:07:36] this situation that I am [00:07:39] documenting. Now we are talking about the situation on the oil [00:07:42] market. Please tell us, however, who benefits [00:07:46] from the current situation on the oil [00:07:49] market? [00:07:51] Here, on the one hand, things are simpler [00:07:54] to analyze, because we see concerted efforts [00:07:58] by Iran and its proxies with whom [00:08:02] Iran works to choke off the global [00:08:05] energy supply, and here it is very clear that Iran has [00:08:09] a strategic interest, shall we say, a military [00:08:13] interest, rather, by turning [00:08:16] oil or the lack of oil into a weapon aimed against [00:08:19] the West and the enemies of the Tehran [00:08:23] regime. So here, things are quite [00:08:27] simple to understand. On the other [00:08:30] hand, when we look at the high prices we [00:08:33] see on the market, which certainly benefit those [00:08:37] producers who have found themselves freer, [00:08:40] less constrained by competition recently, [00:08:44] we must realize that on the one hand, they [00:08:47] manage to make higher profits than under [00:08:50] normal conditions, but at the same time, if we look at [00:08:54] the behavior that gas stations, [00:08:58] practically, the downstream sector, almost throughout [00:09:01] the European Union, we realize that the current [00:09:05] situation is not a comfortable one even for the companies in the field, [00:09:08] because practically we see [00:09:11] rather a... a transfer of lower [00:09:14] costs, much faster than we would have [00:09:28] this kind of mechanism is observed, it is very clear [00:09:31] that the market is under a greater level of stress [00:09:35] than normal, that it is not a comfortable situation even for [00:09:39] these companies, so [00:09:41] I would not be able, beyond [00:09:44] some considerations that relate more to military strategy [00:09:48] which other colleagues of mine are more entitled to comment on, I would not [00:09:52] be able to point very clearly to a [00:09:56] company or a sector where the current [00:09:59] situation is advantageous, where there are many things to [00:10:03] gain for companies in that area at the [00:10:06] expense of other companies or at the expense of the general public. Rather, [00:10:10] I would say that this situation... is actually [00:10:13] disadvantageous in the long term and overall for everyone. [00:10:20] to say that economists say that any [00:10:23] crisis is... a moment when other [00:10:27] sectors of the economy develop much faster. [00:10:31] There was a lot of talk about renewable energy. [00:10:34] The current situation we are in, in terms of [00:10:38] energy, do you think it could boost other sectors [00:10:41] of the economy? [00:10:43] I [00:10:46] think this is already happening. I think [00:10:50] green energy has been discussed in recent [00:10:53] months in a much more positive light than [00:10:56] normally happened, at least this is the perception in [00:10:59] Romania, precisely because we realized [00:11:03] that in fact, solar [00:11:06] energy, a healthy mix of solar, [00:11:09] wind, and hydro, if it is [00:11:12] complemented by sufficient storage capacities, can [00:11:16] actually provide an alternative to [00:11:19] a situation that is otherwise very difficult [00:11:22] for us to control. When you realize [00:11:26] that Romania, an oil-producing country with [00:11:29] significant refining capacities, is [00:11:32] so fragile, so sensitive when it comes to [00:11:36] these price fluctuations on the international market, you start [00:11:39] to think about alternatives, and obviously, the very convenient alternatives [00:11:43] for us at this moment are [00:11:46] those related to certain types of renewable energy, [00:11:50] where we have started to question ourselves, or we are starting [00:11:53] to ask ourselves why we don't have those production [00:11:57] capacities, why we don't have more production capacities in fact, [00:12:01] so that we can develop this sector locally [00:12:04] more quickly, because after [00:12:08] all, we don't know when the current [00:12:11] crisis in the Middle [00:12:14] East will end, we don't know when the war in Ukraine will end, and [00:12:18] as long as these two crises, [00:12:22] these two wars continue, it is... [00:12:25] difficult to say that there is no need to [00:12:29] invest in batteries or that we shouldn't [00:12:32] make some backup plans that would make [00:12:36] us more resilient, more independent [00:12:39] from this whole area of [00:12:42] energy that is produced from fossil [00:12:45] fuels. Professor, under these [00:12:49] conditions, how do all these shocks affect the entire world [00:12:52] economy? [00:12:56] I think the recent decision of the European Central Bank [00:12:59] to raise, to increase the monetary [00:13:03] policy rate, is a good [00:13:07] example of what the consequences [00:13:10] of global crises mean, [00:13:13] which practically affect [00:13:16] everyone and which are beginning [00:13:19] to show their very [00:13:22] concrete consequences, because ... [00:13:26] from, again, from Romania's perspective, which is struggling with a large budget deficit, [00:13:30] which has a current account deficit, which has all kinds of twin [00:13:34] and superimposed deficits, perhaps this increase [00:13:38] in interest rates by 0.25% [00:13:40] announced this week by the European Central [00:13:43] Bank seems like a very small matter, but [00:13:47] for economies more stable than the Romanian [00:13:50] one, for countries that have [00:13:53] managed to keep their inflation rate within parameters, [00:13:57] the budget deficit within parameters, and so on, to arrive [00:14:00] at seeing an increase in the inflation rate by 1% just due to [00:14:04] an energy crisis, the crisis in [00:14:08] the fuel sector, is indeed a worrying issue, which [00:14:11] evidently, in those economies will have consequences [00:14:15] that will roll over into other sectors very quickly, because [00:14:19] when transportation becomes significantly more expensive, [00:14:23] all other products in the economy also [00:14:26] become more expensive. So, we do see [00:14:30] the consequences of interconnectedness, [00:14:32] interdependence between states [00:14:36] and the consequences of the fact that a [00:14:39] major crisis, when it appears or manifests [00:14:42] in one part of the world, spares no one, [00:14:46] leaves no one out, precisely because [00:14:49] we have so many issues that are deeply interconnected [00:14:53] in the world economy. Under [00:14:57] these conditions, how close or how [00:15:00] far are we from a world economic crisis, as we [00:15:03] experienced in the past? We remember 2008, when [00:15:06] everyone was shocked by that crisis. [00:15:10] The context is very different. We do have, [00:15:14] indeed, issues that spread from [00:15:18] one part of the planet to another very quickly, [00:15:21] but here we are not dealing with [00:15:25] a crisis caused by moral hazard, by decisions that were [00:15:29] taken irresponsibly, because [00:15:32] the rules of the game were not correctly [00:15:35] thought out, as happened before the 2008 [00:15:39] crisis. Let's remember that then things started [00:15:42] when funds and, well, some [00:15:44] banks started granting [00:15:48] loans that did not have sufficient [00:15:51] coverage in a context where we could see [00:15:55] a significant drop in prices in [00:15:58] the real estate market. [00:16:02] Today, the rules, at least in the European Union, are stricter, [00:16:05] which means that the system is more resilient [00:16:08] to a crisis similar to that of [00:16:12] 2008. Moreover, what we are seeing happening [00:16:15] at this moment, again, to make a comparison [00:16:19] between what is happening in the rest of the countries in the European Union [00:16:22] and what is happening in Romania, [00:16:26] Romania has shown or has shown the European Union [00:16:29] that there is a lot of room [00:16:32] for a country to deepen its [00:16:35] problems before they become chronic. After [00:16:39] all, our country has been in an excessive deficit procedure for seven [00:16:43] years. We are in a situation that [00:16:46] has worsened because Romanian politicians have not made [00:16:49] the wisest decisions, at least not [00:16:52] always, and yet, only [00:16:55] recently have we started to see a deterioration [00:16:59] of economic parameters for the real [00:17:02] economy, which is truly beginning to be felt [00:17:06] by the public. Practically, until last year in [00:17:09] Romania, incomes grew faster than prices, [00:17:13] and only in the last year, when the necessary [00:17:17] measures for recovery were finally started, did [00:17:20] this reverse. We remain to see for how long this will happen, [00:17:24] but the conclusion from my point of view is that in [00:17:27] Europe, at least, there is a lot of resilience, there is sufficient [00:17:31] reserve to be able to absorb [00:17:34] the shock of this crisis in the energy [00:17:38] sector at the level at which it is currently manifesting, and even at a [00:17:41] more accentuated level. It would take significantly [00:17:45] more to see economic problems that would very [00:17:48] seriously affect the entire European economy. But if [00:17:52] we talk about resilience, which areas of the world are more resilient [00:17:56] and which are subject to much greater risks at this moment in [00:17:59] the context, again, we are talking about these energy crises and these wars [00:18:03] that have been launched. Here again, [00:18:08] it's a thousand-point question, [00:18:11] or perhaps even more, because when we realize who [00:18:15] is most resilient to all the negative [00:18:18] factors that can influence the world economy or [00:18:21] the economy of a particular country, [00:18:25] we have the answer to the question of where to put our money [00:18:28] so that it is safe. Well, this is a question [00:18:32] whose answer is sought by many specialists in [00:18:36] the investment fund sector and capital markets. What [00:18:40] I can tell you from interesting data I've seen recently [00:18:44] is that in the context of a profound [00:18:47] energy crisis, we have [00:18:50] absolutely surprising countries like Uruguay, which [00:18:53] is an example of resilience or [00:18:56] which has the necessary factors to make this [00:19:00] country resist better to crises [00:19:02] in the global energy sector, due to [00:19:06] its energy mix, due to the very [00:19:09] high proportion of hydro energy [00:19:13] in the national energy mix, to give an explanation related to [00:19:16] the source of this resilience. But of course, as we have [00:19:19] learned since the pandemic, whenever [00:19:23] you are very sure that things are well protected [00:19:27] and all your plans are well made, a black [00:19:31] swan can appear from nowhere, a completely unexpected [00:19:34] negative event that can disrupt all your plans. [00:19:38] We discussed the oil market because we are [00:19:41] approaching winter. We don't know what winter [00:19:44] 2026, 2027 will be like. How does [00:19:48] the gas market look in the current [00:19:50] context? Here, again, [00:19:54] the disruptions in this market are many and [00:19:58] of significant proportions. Many European [00:20:01] countries have, in principle, already [00:20:04] made sufficient reserves to allow [00:20:08] a normal winter to be successfully managed. [00:20:11] Here it depends very much on how winter will be, in fact, whether we will have [00:20:15] a normal winter or if temperatures [00:20:19] will be exceptionally low. [00:20:22] Calculations, of course, can change a lot depending [00:20:25] on the climate, on what [00:20:28] climate change will bring us this year. Beyond [00:20:32] that, it's very important to say that the United States [00:20:35] is in a privileged position at the moment, because [00:20:39] they manage to export [00:20:43] liquefied natural gas in large quantities without having [00:20:46] the problems that affect the countries [00:20:50] in the Gulf region. Here again, we can talk about an [00:20:54] advantage for the United States when it comes to natural gas [00:20:57] supply, but I would not [00:21:00] rush to declare the United States as the big [00:21:03] winner in the gas [00:21:07] industry of the current situation, because here too, [00:21:10] many things can change not [00:21:13] only before winter starts, but until this winter 2026, [00:21:17] 2027 passes. We might see many calculations that will be [00:21:20] changed in unexpected ways. [00:21:24] Since [00:21:27] you mentioned the United States, there are elections coming up in [00:21:30] November, elections for part of [00:21:33] Congress and part of [00:21:36] the Senate, the so-called Middle Elections. France [00:21:40] is preparing, France, one of the important states of [00:21:43] Europe, of the European Union, is also preparing for [00:21:46] presidential elections. There are political instabilities [00:21:50] in Germany as well, it [00:21:52] seems. How much do political calculations overlap [00:21:56] with economic ones and endanger the European [00:21:59] economy? [00:22:03] The overlap is quite small, let's start with that. [00:22:06] So there are many things that don't [00:22:10] correspond in the political area and with the economic [00:22:13] area. So there are countries that have economic problems and [00:22:17] a political situation... [00:22:20] which at least for now seems more favorable. We expect to see [00:22:23] developments that do not bring significant [00:22:26] disturbances, and at the same time, we have [00:22:29] countries where [00:22:33] things are not good either economically or [00:22:36] politically. Here Romania is a better [00:22:39] example than Bulgaria this [00:22:42] time. However, it [00:22:45] will be very interesting to follow what will [00:22:49] happen with all these sets of elections [00:22:52] that are going in [00:22:55] directions, let's call them interesting, because [00:22:58] we have a [00:23:00] sustained growth, even of far-right [00:23:04] parties in many European countries, not [00:23:07] in all of those countries. Here again, Germany is an interesting [00:23:10] example. However, [00:23:13] to be very clear, from an economic [00:23:16] point of view, what nationalists [00:23:18] propose, what far-right [00:23:22] extremists propose, [00:23:24] is generally just as detrimental as what [00:23:28] far-left extremists propose. So, for the economy, [00:23:32] this sovereignism, this [00:23:35] inward turn, so that it's just us and our [00:23:38] own, is contrary [00:23:41] to the rules of economics and how economic systems function [00:23:45] well, when they are allowed to [00:23:49] function well. So, unfortunately, if we see [00:23:52] a very large increase in the far-right sector, [00:23:56] we will have worse economic results. If we [00:24:00] see a very large increase in [00:24:03] the far-left sector, we will again see [00:24:07] a series of much weaker results from an economic [00:24:10] point of view. Mrs. Năsulea, as we are nearing [00:24:13] the end, I would like to ask you how Romania enters this [00:24:16] winter, so we are at the beginning of autumn, the first half of September, [00:24:20] and how does it cope with these [00:24:24] crises? [00:24:27] In principle, we are well prepared, so in principle our [00:24:30] country has enough means [00:24:34] to ensure those things that are [00:24:38] truly important. So, practically, [00:24:41] we have fuel we can get, we have gas put [00:24:44] aside and we can get more. The big [00:24:47] question right now seems to be how much it will [00:24:51] cost. This is actually the big problem for the [00:24:54] Romanian state, because the Romanian state has assumed [00:24:58] and continues to assume all kinds of things that are not necessarily [00:25:02] the most productive or that one cannot [00:25:05] necessarily afford, and then the problem in Romania is not [00:25:09] fortunately where we will [00:25:12] get products to heat ourselves or to ensure [00:25:15] transportation, the problem is how much they will [00:25:18] cost and. I would add to this, because [00:25:22] there are still various schemes of [00:25:25] practically capping prices that are fixed by the [00:25:29] Romanian state in the natural gas area, the other problem is [00:25:33] how big the additional hole will be in the state [00:25:36] budget that will be left by all these [00:25:39] mechanisms that were [00:25:42] introduced in the past and which the Romanian state does not want or [00:25:46] cannot eliminate at this moment and the last question what [00:25:49] risk"? do you see for the Republic of Moldova in this global [00:25:53] context in which we find ourselves? [00:25:56] We are generally worried [00:25:59] about the Republic of Moldova, first of all because there is. [00:26:02] there is a security risk that somehow [00:26:05] hovers over [00:26:09] Moldova, which could lead to a [00:26:12] worsening of the situation from the point of view of [00:26:15] democratic institutions, first of all from the point of [00:26:18] view of the path that I think [00:26:22] that the citizens of the Republic of Moldova [00:26:25] want, beyond [00:26:27] that, somehow, unfortunately, the economy of Moldova. [00:26:30] nefericire economia Moldovei. [00:26:33] it is very small because it has been [00:26:37] affected for many long years [00:26:40] in which the systems and institutions in [00:26:44] the Republic of Moldova have functioned against [00:26:47] the free market, they have functioned against minimum systems [00:26:50] that are necessary for the [00:26:54] economy to be able to prosper, but [00:26:57] somehow the good news is that, having [00:27:00] an economy that has remained... ähh so small the Republic of [00:27:04] Moldova, the big brother, Romania, I mean here, [00:27:08] can quite easily come and help, [00:27:11] to support things in the Republic of Moldova, no matter how [00:27:15] big the budgetary problems of [00:27:18] Romania are, practically to [00:27:21] ensure the necessary electrical energy, to [00:27:24] ensure those things [00:27:27] that are necessary in order to [00:27:30] be able to get through the coming winter well, [00:27:34] the costs can be covered [00:27:38] and I think they will be covered by [00:27:40] the Romanian state precisely through the fact that [00:27:44] compared to the cumulation of problems that the [00:27:47] Romanian state has at this moment, the resolution or [00:27:50] an aid granted to the Republic of Moldova represents too [00:27:54] small an amount to [00:27:57] from granting aid that is otherwise very [00:28:01] necessary in order to be able to [00:28:04] support the democratic and free market [00:28:07] path of the Republic of Moldova in such a way that the standard of living in the two [00:28:11] countries slowly slowly [00:28:15] approaches and I am not referring to [00:28:18] this thinking about the fact that the standard of living in [00:28:21] Romania could decrease, I am referring precisely to [00:28:25] the option where the Republic of Moldova slowly starts [00:28:28] to catch up, to reach where it should [00:28:31] have been if it had had reforms and [00:28:35] stronger democratic institutions that would allow it to [00:28:39] develop more, faster. Mr. [00:28:43] Cristiana, thank you very much, we will certainly have the opportunity to [00:28:46] discuss again, because unfortunately global crises do not [00:28:50] end when we turn off the spotlights [00:28:54] on television. Thank you very much for being with us and we welcome you back to [00:28:57] impact plus and global impact, [00:29:04] you for being with us today at [00:29:08] impact plus, here where we find out everything that [00:29:11] happens globally and as you have been able to [00:29:14] convince yourselves today, a gunshot fired thousands of kilometers from us [00:29:48] Wherever life takes them, Romanians want to know, to [00:29:51] understand what is happening. I am [00:29:54] Angela Avram and I am waiting for you at Info Diaspora. [00:29:57] The show dedicated to you, the international TVR [00:30:00] audience. [00:30:02] Diaspora always finds essential