The White House has assured the public that this won't be as bad as we might think in terms of the impact on inflation. It's interesting because last year when OPEC Plus announced their 2 million barrel cut there was a huge reaction from the US political spectrum, including from the White House. And if a sponsors tab has been much more muted, in fact, there's been almost no response at all. I get the sense that the White House is trying to project an image of it's okay. We have factored this into our thinking.
OPEC announced this week that it will be slashing oil production – a move that caught many western countries flatfooted, and sparked fears of higher gas prices and spiking inflation. Get the facts first on Morning Wire.
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