OPEC+ oil supply cuts could push global economy into recession, says IEA | Forexlive

• “The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand”
• “With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of a recession”

In the report, IEA describes the situation as being the worst global energy crisis in history. Adding that OPEC+ supply cuts will sharply reduce a much-needed build in global oil stocks.