Opec oil producers announce surprise cut in output
The cuts by the Opec+ group amount to more than one million barrels per day and are set to push up…
Despite price fluctuations in recent months, there were concerns that global demand for oil would outstrip supply, especially towards the end of the year. Analysts expect oil prices to shoot up following today’s announcement, which could potentially put more pressure on inflation – worsening the cost-of-living crisis and raising the risk of recession.
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