Opec+ production cut threatens inflation outlook

Higher energy prices were the main factor boosting inflation in 2022

Oil rigs

Oil production cuts announced by major exporters on April 2 threaten to reinforce inflationary pressures just as they seemed to be weakening.

The Organization of the Petroleum Exporting Countries (Opec) and Russia, the group known as Opec+, unexpectedly decided to reduce their combined oil output by 1.66 million barrels per day (bpd). The measure will be implemented from May until the end of 2023.

The cartel said in a statement: “This is a precautionary measure aimed at supporting the

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