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The Duran
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OPEC Fractures and Stagflation is Here. Global Economy on the Edge w/ Raymond Zucaro

Posted

May 3, 2026

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The global economy is flashing red — and Ray Zucaro explains why. Alex Christoforou and Alexander Mercouris sit down with Ray for a wide-ranging financial analysis covering the UAE's shock exit from OPEC, mounting capital flight from the Gulf running at an estimated $40 billion a week into Hong Kong, and the last major oil deliveries arriving on European shores as the Iran war continues to strangle global energy supply. Ray delivers a stark verdict: with demand destruction accelerating, diesel prices spiking in the American heartland, Jerome Powell refusing to cut rates, and inflation potentially hitting 6% in Britain by August, the world is entering a classic stagflation environment with no obvious exit. From the fragility of European bond markets to the startling possibility of an Argentine move on the Falklands triggering a global liquidity crunch, this is one of the most sobering and clear-eyed financial assessments The Duran has aired this year. Is the global recession already underway — and just how severe could it get?

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Guests & Subjects Covered

Follow RayRay ZucaroAlex ChristoforouAlexander MercourisHong KongJerome PowellIntroduction Ray Zucaro ReturnsStrategic Move

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