Saudi Arabia has announced it will make a cut to its oil output to limit supply as the Organization of the Petroleum Exporting Countries (OPEC) tries to boost drooping oil prices.
“Technically we’re OK, but the catch is putting into perspective how long this sustains. My view is that we are going to see $70, $75 on average accounting for some sort of slow down,” said Vijay Muralidharan, fuel market expert and director of R Cube Economic Consulting.
History shows that high oil prices can fuel inflation, which could prompt central banks to continue increasing interest rates, leading to a slowing of the global economy and oil demand. Kellogg said it’s part of a continuing trend in the decline in employment in the oil and gas sector because of automation.
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