OPEC+ oil output cut ahead of winter fans inflation concern

SINGAPORE, Oct. 6 (Reuters) - After the OPEC+ group of countries agreed its greatest output cut since 2020 ahead of European Union embargoes on Russian energy,

fears over skyrocketing inflation are expected to increase as the world's oil supply is expected to tighten.

The action has deepened a diplomatic divide between the Saudi-supported bloc and Western countries,

who are concerned that increased energy prices will harm the already-fragile global economy and

thwart efforts to deny Moscow access to the oil market in the wake of Russia's invasion of Ukraine.

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After the Organization of the Petroleum Exporting Countries and their allies, including Russia, agreed on Wednesday to slash output by 2 million barrels per day just ahead

the busy winter season, global crude futures spiked this week, rebounding to three-week highs.