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OPEC+ actions risk driving economies towards stagflation
Brent crude oil has reached a fresh ten-month high near $93 while WTI is approaching $90 as OPEC+ production cuts continue to tighten the market thereby raising questions about the group's true intention. Saudi Arabia’s ‘stable and balanced market’ reason for cutting production rings increasingly hallow after OPEC in their monthly report said the market may experience a shortfall of 3.3m b/d in the fourth quarter, potentially driving the biggest deficit in more than a decade. With the EIA meanwhile only predicting a 230 kb/d shortfall, OPEC may find themselves being accused of trying to inflate prices to meet ... (full story)