OPEC says European recession is imminent

OPEC Secretary General Haytham al-Ghais shared his opinion on the crisis in Europe. He believes that a recession in European countries is simply inevitable, and it can also reach the United States. RIA News.

According to him, economic problems in Western countries will affect the demand for oil in the world. He stressed that the decision to reduce oil production, which the OPEC + countries adopted in early October, will contribute to a surplus of raw materials.

“And so our forecast shows that a surplus will now be brewing in the coming months. And this was the main reason why in October we decided to act proactively”– he said.

Recall that Europe is faced with an unprecedented energy crisis caused by the rejection of Russian energy. On October 13, The Economist wrote that Europe is teetering on the brink of a deep recession, while the economic situation in Russia improves. Inflation in the Russian Federation fell sharply, while in the EU, on the contrary, it rose to record levels.