OPEC Cuts Forecasts for Global Growth, Oil Demand, Citing Ukraine War
Surging energy prices prompted by Russia’s invasion of Ukraine will take a heavy toll on the global economy and weigh on demand for crude, outcomes that will worsen if the war continues, the Organization of the Petroleum Exporting Countries warned.
The war and the barrage of sanctions that have hit Russia in response to the invasion have set in motion the oil market’s worst supply crisis in decades. The price of a barrel of oil has surged above $100, while the prices of other commodities produced in Russia and Ukraine, such as wheat and some key metals, have also jumped, heaping pressure on economies already facing surging rates of inflation.
