Global recession possible after OPEC oil cuts
The International Energy Agency is warning that OPEC's latest move could tip the global economy into a recession.
CNN— The International Energy Agency is warning that OPEC’s latest move could tip the global economy into a recession.
Last week, OPEC decided to slash oil production by the largest amount since the start of the pandemic.
The cut would amount to two million barrels a day or about 2% of global oil demand.
Today IEA said this could be the tipping point for an economy already on the brink especially with interest rate hikes and inflation taking a toll.
The IEA has now slashed its forecast for world oil demand growth by more than 20% next year, but says even with weaker demand, supply cuts are expected to keep prices higher.
