"Russia will reduce crude oil production by 500,000 barrels per day from March after major economies imposed a price cap on oil products." as reported by BBC News online portal few days ago.
Saudi Arabia and OPEC already cut crude oil production in January 2023. We may see energy prices go higher, due to restricted supply.
Cost of goods and services will be more expensive, contributing to inflation once again. Price caps are looking like its going to back-fire and everyone will be affected by it.
Well, it is sideways now. Let's see what happen when March comes.
By Sifu Steve @ XeroAcademy
Saudi Arabia and OPEC already cut crude oil production in January 2023. We may see energy prices go higher, due to restricted supply.
Cost of goods and services will be more expensive, contributing to inflation once again. Price caps are looking like its going to back-fire and everyone will be affected by it.
Well, it is sideways now. Let's see what happen when March comes.
By Sifu Steve @ XeroAcademy