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What's next for oil after surprise OPEC+ cuts? Try $100 a barrel.

By Alex Longley

03 Apr 2023 · 3 min read

Editor's Note

OPEC+'s decision to cut oil production has spooked traders, not least because it came at a time when the price was already turning higher. Bloomberg looks at the implications for the global economy.

Sunday's surprise OPEC+ production cuts have redefined the outlook for crude prices, bringing $100 a barrel back into the frame.

Before the announcement, the cartel's own numbers suggested the group would need to pump more oil, not less, in the second half. With the International Energy Agency expecting a demand surge later this year, there's now renewed risk of a fresh inflationary impetus for the global economy.

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