OPEC+ Cuts Production

2023 • 14min • News • Business


Published On: April 03, 2023 - Oil prices jumped 8% today after OPEC+ unexpectedly announced crude production cuts of 1.1 million barrels per day. The move has delivered a fresh inflationary jolt to the world economy. The move has brought concerns around inflationary pressures back to the fore, adding to worries that higher prices and an aggressive monetary tightening by central banks could tip the global economy into recession.