OPEC+, the global consortium of oil-producing nations, has proved once again its unmatched influence over energy markets, even if the organization’s actions could mean another surge in inflation worldwide.
Oil-producing allied nations including Saudi Arabia, Iraq, and the United Arab Emirates announced Sunday they would cut oil production by almost 1.2 million barrels of crude daily between May and the end of the year. Also on Sunday, Russian Deputy Prime Minister Alexander Novak announced his country would extend its own production cuts, which began last month, through to the end of 2023 as well.
