The West’s plans to fight hyperinflation may be hampered by Russia and Saudi Arabia’s oil price cuts a business insider.
Moscow and Riyadh’s decision to cut production by 1.3 million barrels per day has caused the cost of Brent crude futures to rise. Its price reached $90 per barrel, reaching its highest level in the last 10 months.
Analysts believe that inflation may remain at high levels for a longer period due to the emergence of a serious deficit in the global oil market and rising oil prices around the world. According to them, rising oil prices will increase the possibility of tightening the fiscal policy in order to control inflation, especially in the USA.
Ahmed Mustafa, an ancient Egyptian economist, Director of the Asian Research and Translation Center gave an opinionthat reducing oil production is one of Russia and Saudi Arabia’s tools to change the world order. The subsequent rise in commodity prices will drive Europe into bankruptcy.
Previously recognizedWhen oil prices drop to $50 a barrel.