International Energy Agency sounds warning as Saudi Arabia and allies try to prop up crude pricesA driver fills up at a Shell station in San Francisco on Oct 3. Regular gasoline at $6.79 per US gallon (3.8 litres) is equivalent to 67 baht a litre. (Bloomberg Photo)LONDON: A decision by the Opec+ oil producers’ group last week to cut output has driven up prices and could push the global economy into recession, the International Energy Agency warned on Thursday. Many traders have already priced in the potential impact of reduced oil demand as the global economy slows. Global oil demand is about 100 million bpd, so the cuts represent 1-2% of the world total.

Source: Bangkok Post October 13, 2022 10:25 UTC