The “new oil axis” wants to increase oil prices: bad news for growth (and inflation) in Western countries – Business AM

by Charly Pohu
published on Friday, April 14, 2023 To 19:46 •
5 min read

OPEC, led by Saudi Arabia, is getting more and more friendly with Moscow, also approaching China and even Iran. A coordinated strategy that leaves no room for doubts for the West.

Why is this important?

OPEC, as we know, prefers an expensive barrel. Downside risks and the banking crisis have pushed oil prices down in recent months. But they have started to rise once more since the oil cartel’s decision to cut production.

Facts : OPEC and Russian production cuts.

• On April 2, the OPEC countries decided to cut oil production by more than one million barrels per day.
  • This is the second cut following that of last October, when OPEC announced a reduction of 2 million barrels per day.
  • Russia, a member of the enlarged organization, had also already decided on its side to reduce production by 500,000 barrels per day. Last week, Moscow

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