EXPLAINER: How will OPEC+ cuts affect oil prices, inflation?
- Date: 06-Oct-2022
- Source: The Economist
- Sector:Oil & Gas
- Country:Saudi Arabia
EXPLAINER: How will OPEC+ cuts affect oil prices, inflation?
Gas prices are displayed at a gas station in Frankfurt, Germany, Wednesday, Oct. 5, 2022. A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday. The OPEC+ alliance that includes Saudi Arabia and Russia is weighing a cut of a million barrels per day or more. The idea is to boost oil prices that have fallen from summer highs of over $100 to around $80 for U.S. crude. (AP Photo/Michael Probst)
FRANKFURT, Germany (AP) — Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy.
And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil.
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