the unexpected rollover of the OPEC+ production cuts sent Brent Crude prices up to $75 a barrel, the highest oil prices in more than a year could dampen global oil demand recovery, which the OPEC+ group itself still sees as fragile.
After the surprise OPEC+ move last week, crude oil prices rallied faster and higher than many forecasters had predicted just a week ago as the market expects supply shortages amid recovering demand.
Oil at $75 a barrel is good for oil bulls, oil companies, and the oil-dependent budgets of most OPEC+ producers, but it is not good news for prices at the pump or oil-importing nations, including the key demand growth drivers China and India.
In addition, higher oil prices will put additional inflationary pressure on economies recovering from the pandemic slump, and raise the prices of many goods and services, including airplane tickets and imported goods in the United States,
After the surprise OPEC+ move last week, crude oil prices rallied faster and higher than many forecasters had predicted just a week ago as the market expects supply shortages amid recovering demand.
Oil at $75 a barrel is good for oil bulls, oil companies, and the oil-dependent budgets of most OPEC+ producers, but it is not good news for prices at the pump or oil-importing nations, including the key demand growth drivers China and India.
In addition, higher oil prices will put additional inflationary pressure on economies recovering from the pandemic slump, and raise the prices of many goods and services, including airplane tickets and imported goods in the United States,
