Oil surged after OPEC+ announced a production cut, with WTI crude rising above $81 a barrel and Brent topping $86. Inflation from energy alone is currently at 13.7% in the Euro area.
OPEC is producing nearly 5 million barrels less per day than just a few years ago. twt.
China oil imports hit 11.1 MMBOPD last month, their all time high. Global oil demand is off to a good start in 2023, especially as international jet travel continues to accelerate.