Will the OPEC+ oil output cut make inflation worse? | Counting the Cost

The Saudi-led oil producing group OPEC+ has signalled it would hold the oil supply steady to maintain a stable market.

But in a surprise move, the alliance, which includes Russia, announced it would slash output by more than one million barrels a day - its second cut in more than six months.

It is feared this could send oil prices back to $100 a barrel. It may also raise tensions between Riyadh and the United States, which has called on Saudi Arabia to pump more oil in a bid to tame inflation.

Elsewhere, the United Kingdom agrees to join the Asia-Pacific trade bloc.


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[peterchin]

That is a million dollar question? It doesn't take a rocket scientist to figure out the reason. Don't make the situations more complicated than they are. The simple answer is OPEC has no wish to sell their oil lower than 80 for obvious reason. If they can limit the output to ensure stability of the price, why shouldn't they, DUH? Do they (OPEC) care about the result of high price on the inflation in the US or the rest of the world? Not the slightest.

[jsphfalcon]

I think it's OPEC's way of fighting for the American oil industry

[HypermarketCommodity]

Counting the cost really needs it's own channel

[LSmoney]

This why we green energy to make OPEC obsolete

[NamekGregory]

Do not blame OPEC+ for inflation if you still are a crude oil importing country, the domestic economy is run from your government and not OPEC+ countries. When you see inflation on your life this is "Made in your country" where businesses and government tighten the belt for their citizens to increase the benefits and keep funding the autocratic government machine. On these circumstances government may put price cap for any good they import, but they must put price cap to all goods and services on domestic market and protect their citizens. They are elected to protect citizens and keep the economy stable or grow the economy. Inflation and salaries and everything on your country depends from government peoples have and not from OPEC+ countries, these have their inflation and their problems and each government try to blame other countries for their problems. The crude oil with 70$/bbl or 130$/bbl does not kill the economy on oil importing countries, but this is an opportunity to develop farther and faster the domestic economy by investing on fossil fuels or renewable energies, as the case may be. And when a country is energy independent, they "ban" crude oil import from OPEC+ countries or any other country.

[Markisha]

We will see all this countries in 20y, especially SA with stupid long term investment plans. I plan to go EV soon, in 20 y it will be a lot EVs on roads.

[Pougie]

@14:13 Vicky could have chosen a less messy room or blur out her background. This room would give me anxiety.

[desmondchia]

Thank the EU and America for capping the price, now everybody pays more.

[willliam]

Why UK joining Asia-Pacific Trade deal? It's neither Asian nor in the Pacific

[ikm]

Will the OPEC+ oil output cut make inflation worse?... Maybe maybe not.
But one thing is sure, and that is it will push the transition away from oil.
Yes, a blatant case of short-term gain for long-term pain.
Europe is the one place on the planet that has money to do it too.
It's not as if there aren't "options"...
Do remember the Nazis had the "tech" to turn coal into oil during the war...at the time, not a very efficient process I grant you...
But time has moved on...and while chemistry hasn't changed...technology has.

[Pvm]

Poor countries suffer more… Rich oil exporting countries make more money. Inflation in EU, UK, US remains high.

[guanda]

Most of the debts to developing nations are issued by corporates or private financial institutions at rising interest rates of 6% to 8% or higher. Debt swaps, debt forgoing mentioned are on small interest rate but never on principals. First raise interest, then claim credit on forgiving part of the interest rate charged. Great tactics, glorious topic to spend time implementing and discussing. 😂

[universeworld]

It is actually what OPEC Does every year, cuts oil production this time every year, so not surprising they begin to cut to raise prices a little. So it is a technique to stabilize oil prices at a time for tourists who begin to travel 🤔

[alcidesambriz]

What cup if japan its buying oil from Rússia at market price. 😂😂😂😂😂😂

[jw]

US has a lot of oil including shale oil, but US doesn't want to share

[seanlu]

OPEC+ cut oil production to maintain high oil price. They all need good income from oil to maintain stability.

[MrLosches]

I thought I was listening to Jordan Peterson, with the first guy.

[Bradleyschaeffer]

It stuns me enormously the way that I go from carrying on with a typical way of life to making over 63k each month
I've gleaned some useful knowledge throughout recent years that there are a lot of plenty opportunities in the financial markets;all it takes is just to focus on the right thing. Credits to Gregory Thomas Patchak

[whitefox]

If opec+ cuts oil production does it make every country's inflation go up

[Freetofreet]

Also further cuts are coming in July and September will be the biggest to cash in on demands and to provide maintenance.