🇸🇦 The Saudi energy ministry said it will cut production by 500,000 barrels per day on Sunday, part of a 1.15bn barrels per day reduction by key oil producers ⬇️ AlannahFrancis1 explains
“Oil prices are one of the key drivers of inflation because they feed through into everything – transportation costs start to affect food costs and so on.”“We’re not going to see a sudden, huge jump in the price of petrol or diesel at the pump – at least not straight away. But there is now a sense that clearly Opec+ and its members, whatever they say publicly, are looking to support a higher oil price than we might otherwise have had.
Russia used to be the EU’s largest gas supplier, providing 45 per cent of its imports and nearly 40 per cent of its total consumption in 2021. ButWhile the UK does not significantly depend on Russian oil, it has been affected by the increased prices. Higher oil prices would benefit Russian president, Vladimir Putin, as Russia is the second largest crude oil exporter behind Saudi Arabia.
Russia has also announced an extension to its oil production cut of 500,000 bpd until the end of the year.a further 12-month freeze on fuel dutyIt means that the 5p a litre cut in duty on petrol and diesel has been extended and any further increases over the next year have been frozen.
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Oil prices rise after major producers vow to cut productionThe cuts have a number of consequences - as well as higher fuel prices, there is concern about the effect on inflation and wider concerns about those who will benefit, especially the Russian president.
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