Energy supply screws tightening stokes inflationMon 9:20 am +01:00, 3 Apr 2023
Key OPEC countries decided to cut oil production together with Russia
Saudi Arabia and other major Arab oil producers, the UAE, Iraq and Kuwait, unexpectedly decided to support Russia’s efforts and unilaterally cut production. We are talking about a reduction of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period the reduction in production by 500 thousand barrels already begun in March. OPEC+ countries call this step a preventive measure to stabilize the market. Analysts expect oil prices to rise in the short term, while Western experts state that cooperation within OPEC + will continue and pressure on Western central banks will increase due to a possible increase in inflation.
Gazprom turned cold towards Europe
Export of Russian gas to the EU is declining