• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy

New Petrol Pain and Global Inflation Fears as OPEC+ Keeps Oil Curbs

by Joel Nwankwo
September 6, 2023
in Economy
0
OPEC+
UBA
Advertisements

Petrol prices and global inflation are likely to tick higher again as the OPEC+ group of oil-producing countries holds production at nine million barrels a day for the rest of the year.

This is the stark warning from Nigel Green, the founder of deVere Group, one of the world’s largest independent financial advisory, asset management, and fintech organizations, as Saudi Arabia announced it would maintain its production cut of one million barrels a day until December.

This maintains the country’s output at nine million barrels a day, the lowest amount in several years. Russia has also confirmed it will maintain its own cutback of 300,000 barrels a day for the same period.

Nigel Green comments: “OPEC+ is ramping up petrol price pain, triggering fresh and increasing concerns about rising global inflation – which was just beginning to ease – meaning central banks could possibly push higher-for-longer interest rates.”

He continues: “Restricted oil supply leads to higher oil prices, which, in turn, can contribute to higher fuel prices for consumers and businesses, putting upward pressure on overall inflation.

“Higher energy costs also lead to increased production costs for companies, which are typically passed on to consumers in the form of higher prices for goods and services, again contributing to inflationary pressures.”

Consumer behaviour also plays a role. When fuel prices rise, consumers may cut back on discretionary spending, which can impact economic activity. Reduced consumer spending can influence inflation dynamics, especially in sectors heavily dependent on consumer demand.

“This move by OPEC+ will, of course, be considered by central banks when formulating monetary policy. 

“If rising oil prices are expected to have a sustained impact on inflation, central banks can be expected to maintain higher interest rates for longer to control soaring prices.”

The deVere Group founder concludes: “The decision by the group of oil-producing countries will further exacerbate the cost-of-living and cost-of-business crisis as inflation is given another global boost.”

Loading

Advertisements
MTN ADS

Author

  • Joel Nwankwo
    Joel Nwankwo

    Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

    View all posts
0Shares
Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

Next Post
Digital Literacy by PROFESSOR OJO EMMANUEL ADEMOLA

Digital Literacy and Productivity Analytics Pathway

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Data-Driven Product Management | Data-Driven Product Management

Data-Driven Product Management: Leveraging Analytics to Inform Strategic Decisions

2 months ago
Three Ways Retailers Can Continue Golden Run in 2023

Retailer’s Guide on How to Shift from Multichannel to Omnichannel Payment Experiences

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.