OPEC tighten the taps, interest rates to stay up.
OPEC has announced a cut in oil production of a million barrels a day, the market price has jumped by 8%. OPEC is led by the, now buddy-buddy, duo of Russia and Saudi Arabia.
This will do nothing to ease inflation in the UK economy and our interest rates will stay higher for longer.
This highlights the myopia and naivety of the UK in killing our fracking initiatives, also punishing North Sea producers with retrospective tax penalties, and discouraging further investment in maintaining the security of the nation’s energy supply.
Robert Lefroy group editor Business Money magazine