Has The OPEC+ Cut Made A Global Recession Inevitable?

The OPEC+ group’s decision to cut oil supply as of November increases energy security risks worldwide and could lead to higher oil prices that could be the tipping point for a global recession, the International Energy Agency (IEA) said on Thursday, describing the OPEC+ production cut as one of the multiplying “disruptive market forces”. Last week, OPEC+ announced the biggest cut to its target production level since 2020. Despite the headline cut of 2 million bpd, the actual reduction from current OPEC+ oil production…