Energy crisis escalates after OPEC+'s decision to cut oil production

OPEC+'s announcement of cutting oil production - 2 million barrels/day is a heavy blow to the global inflation situation. In the US, as analyzed by Viet Hustler in article about inflation, CPI growth slowed in August and September mainly due to falling energy prices. The upcoming OPEC+ oil production cut will be double the amount of oil the US is releasing from strategic reserves. This causes the previous price stabilization efforts of the Biden administration to collapse.

Meanwhile, Europe is continuously cutting energy consumption and strengthening dialogue between countries inside and outside the EU alliance. Alongside the unity among EU countries, disagreements within the alliance over the bloc's energy subsidy policy have also emerged.

This week, Viet Hustler will update readers on the latest developments in the energy crisis and its impact on people's lives or businesses in Western countries, especially Europe.

OPEC+'s decision and the US oil exploration leasing policy reignite energy market prices that had just cooled down

In the meeting on Wednesday last week (10/5), OPEC+ announced it will cut oil production by 2 million barrels/day starting from November 2022.