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OIL: OPEC+ Should Consider Impact on Higher Oil Prices and Inflation: IEA

OIL

OPEC+ producers should consider any impact of decisions on higher oil prices and inflation when they meet next to decide on their oil production cuts, said EIA’s Fatih Birol.

  • “It’s up to them to decide what they’re going to do, but at this very fragile situation of the global economy, the least that the countries, especially oil-importing developing countries would need is high oil prices, which in turn would push the inflation numbers up,” Birol said.
  • OPEC+ is widely expected to extend voluntary cuts into Q3 at its June 1 meeting although no official indications have yet been given.
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