Energy price volatility and the global economy
The surge in oil prices, briefly crossing $100 per barrel, reintroduces energy as an important driver of global macroeconomic dynamics and revives concerns about stagflation. Even as prices begin to moderate, the volatility underscores the potential for energy markets to influence inflation trajectories and economic growth.
This environment presents critical policy choices for fiscal authorities facing high debt levels and for monetary policy-makers assessing whether the inflationary impact of higher energy prices proves temporary or more persistent. It also carries significant implications for interest-rate paths, currency movements and broader financial market conditions.
This roundtable brings together participants to assess the macroeconomic and market consequences of recent energy price volatility – from macroeconomic policy trade-offs and asymmetric global impacts to geopolitical risks, including the potential for disruptions around the Strait of Hormuz. The discussion provides a timely forum to exchange insights on one of the most pressing issues facing the global economy.
Speakers
Udaibir Das
Vice Chair
OMFIF
Udaibir Das
Vice Chair
OMFIF
David Marsh
Chairman
OMFIF
David Marsh
Chairman
OMFIF
David Marsh is Chairman and Co-Founder of OMFIF. Before starting at OMFIF in late 2009, he worked for City merchant bank Robert Fleming, corporate finance boutique Hawkpoint, German management consultancy Droege and London investment firm London & Oxford. Marsh took over the chairmanship from John Plender on 1 January 2018 having been Managing Director since 2014. He moved to a non-executive role following John Orchard’s appointment as Chief Executive effective 1 January 2020.
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel is Chief Economist and Vice Chair at OMFIF. Mark is a veteran US Treasury official, who was at the forefront of international financial diplomacy for two decades.
Mark, who represented the US on the International Monetary Fund executive board up to April 2018, has had a 40-year Treasury career with extensive around-the-world engagement.
He works with OMFIF in dealings with private and public sector organisations, speak regularly on international and US policy, and provide OMFIF members with insight and analysis.
Mark was Treasury Deputy Assistant Secretary for international monetary and financial policy between 2000 and early 2015. He helped lead Treasury preparations for G7 and G20 finance minister and central bank governor meetings, formulated US positions at the IMF, and coordinated Treasury and regulatory agencies’ work in the Financial Stability Board.
Mark founded the US/EU Financial Market Regulatory Dialogue and chaired an international group of private and official sovereign debt experts that developed enhanced collective action clauses for sovereign debt restructuring. He managed the $100bn-plus Treasury Exchange Stabilization Fund and played a key role in US foreign exchange policy including coordinating the Treasury’s semi-annual foreign exchange report on China and other countries.
Jörg Wuttke
Partner
Albright Stonebridge Group
Jörg Wuttke
Partner
Albright Stonebridge Group
Rachel Ziemba
Adjunct Senior Fellow, Energy, Economics and Security Program
Center for a New American Security
Rachel Ziemba
Adjunct Senior Fellow, Energy, Economics and Security Program
Center for a New American Security