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The Independent UK

National

David McHugh

YOU WONT BELIEVE: Explainer how will opec cuts affect oil prices inflation - What They Never Told You

OPEC Oil Inflation Russia Economy Joe Biden Jorge Leon United States

Copyright 2022 The Associated Press. All rights reserved

Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy.

And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil.

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