Economic Experts: OPEC+'s Oil Cuts to Fan US & European Inflation, Bring Western Model to Reckoning

On October 5, the OPEC+ group agreed to cut oil production by two million barrels per day to stabilize crude prices, despite calls from Washington to step up extraction. Earlier, fears of looming recession sent oil prices as low as $80 a barrel from more than $120 at the beginning of June 2022.