OPEC Cuts May Lead to a World Crisis

OPEC Cuts May Lead to a World Crisis
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, on August 21, 2015. Reuters/Heinz-Peter Bader/File Photo
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Commentary

The world is facing a precarious moment in the oil market. The recent decision by OPEC+ to extend production cuts has raised concerns about the potential impact on the global economy. While the move may benefit oil producers in the short term, it may be a misguided action that could also have unintended consequences that could harm the broader economy and oil demand with it.

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