Oil executives warn of higher prices now that Opec is back ‘in charge’

Financial Times/Myles McCormick, Derek Brower and Justin Jacobs/3-8-2023

“The Opec cartel is back in control of the world oil market as the shale revolution peters out, according to a number of industry executives who warned of higher prices for crude in the year ahead.”

USAGOLD note: Since oil is a component in the pricing of just about everything, OPEC control of the oil market will make it even more difficult for central banks to contain the inflation rate.

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Caspian Delta, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons