OPEC+ Cuts Risk Oil-Price Spike and World Recession, IEA Warns

[Mark Sloan + 9]

The OPEC+ decision to sharply curtail oil production threatens to push prices to levels that tip the global economy into recession, the International Energy Agency warned.

“The massive cut in OPEC+ oil supply increases energy security risks worldwide,” with “resulting higher price levels exacerbating market volatility,” the IEA said in its monthly report. “Oil prices may prove the tipping point for a global economy already on the brink of recession.”

https://www.bnnbloomberg.ca/opec-cuts-risk-oil-price-spike-and-world-recession-iea-warns-1.1831883

 

 

[Starschy + 211]

That's nonsense - since few months the economics data slowing down. That's a fact and OPEC+ accelerate those facts.

It may increase the price in Countries like the US - those People have not a clue to save energy and that includes the Government.

The US Government acting as a Global judge against China Russia, Venezuela, Saudi Arabia, India. Such attitude will not help the US to reduce the Oil Price

[RichieRich216 + 454]

Yeah, those sand bastards really know how to screw the world! But I have a feeling that the next time they need military help from non sand bastard Countries they are screwed. 

[Bob P + 1]

On 10/18/2022 at 1:59 PM, Starschy said:

That's nonsense - since few months the economics data slowing down. That's a fact and OPEC+ accelerate those facts.

It may increase the price in Countries like the US - those People have not a clue to save energy and that includes the Government.

The US Government acting as a Global judge against China Russia, Venezuela, Saudi Arabia, India. Such attitude will not help the US to reduce the Oil Price

 

The biggest risk to EU energy supplies has been proved to be Russia -- why have over reliance on energy controlled by a despot?

Crude oil is a global commodity, not a local one.  If Brent & WTI crude prices go up, it effects everyone.  "not just -countries like the US"