The 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.
Oil prices are up almost 5% after Saudi Arabia and other major producers vowed to cut production.
The resulting price increases will take some time to filter through to forecourts but will eventually add to the difficulties facing many in the UK during the cost of living crisis. There are also concerns that higher oil prices will bolster Vladimir Putin's war chest as the Ukraine war continues. Clifford Bennett, chief economist at ACY Securities, said in a report:"This will create both political waves across Europe and even higher general inflation in the USA, leading to renewed pressure on the Federal Reserve to keep hiking rates aggressively."
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