Topline
The world’s largest oil cartel sent shock waves through markets on Monday after a surprise weekend decision to cut production—fueling a morning spike in oil prices and pushing some experts to warn the development could further exacerbate inflationary pressures, driving up the cost of transportation and making the Federal Reserve’s job of taming inflation more difficult.
Key Facts
Oil prices surged as much as 8% Monday morning after OPEC+, a group of more than 20 oil-producing nations including Saudi Arabia and Russia, announced production cuts totaling more than 1 million barrels per day as a “precautionary measure aimed at supporting the stability of the oil market.”
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.