London: Western governments are furious after OPEC+ decided last week to slash oil production by the largest amount since the start of the pandemic, and the cartel's actions may tip the global economy over the edge, the International Energy Agency has warned, media reports said.
"With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession," the Paris-based agency said Thursday in its monthly oil market report, CNN reported.
The IEA slashed its forecast for world oil demand growth next year by more than 20 per cent, citing further downgrades to global growth expectations from major institutions. The International Monetary Fund said this week that for many people, 2023 will "feel like a recession", as it cut its GDP growth forecast to 2.7 per cent from an earlier prediction of 3.2 per cent.
—IANS