The International Energy Agency (IEA) says the recent Opec-plus decision to cut oil production has driven up prices and could tip the global economy into recession. "With unrelenting inùationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession, " the agency wrote in its latest monthly Oil Market Report. Members of the Opec-plus alliance — which includes Saudi Arabia and Russia — decided last week to cut their collective targeted production by 2 million barrels per day through the end of next year. The IEA says that because of persistent underproduction by several Opec-plus members, this will likely result in actual supply falling by only 1 million b/d.
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