The world has been pushed to the brink of recession following OPEC's decision to cut oil production from next month, experts have warned Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia agreed to slash output by two million barrels per day (bpd) just ahead of the peak winter season. The US accused the global oil group, led by Saudi Arabia, of joining hands with Russia to drive up oil prices. Following this announcement, the International Energy Agency (iEA) warned that the decrease in oil output could plunge the world into recession as higher crude oil prices will increase energy security risks worldwide.
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The world has been pushed to the brink of recession following OPEC's decision to cut oil production from next month, experts have warned Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia agreed to slash output by two million barrels per day (bpd) just ahead of the peak winter season. The US accused the global oil group, led by Saudi Arabia, of joining hands with Russia to drive up oil prices. Following this announcement, the International Energy Agency (iEA) warned that the decrease in oil output could plunge the world into recession as higher crude oil prices will increase energy security risks worldwide.
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