actually globally, we are seeing oil prices dropping at the moment? that s absolutely right. the concerns that the global economy will move a recessionary phrase that i can face is dampening demand for oil, and the prospect of oil prices being a lot lower is a result of oil prices coming off. but there is an important point to keep in mind at the background, which is that nearly 45% of oil supplied to the globe is via the opec group and its member countries. and with 45% essentially in their control, it s an important swing factorfor in their control, it s an important swing factor for the in their control, it s an important swing factorfor the oil in their control, it s an important swing factor for the oil market. what we saw based on the most recent meetings that opec plus had it was that they decided to announce a surprise oil production cut and as
until after the midterms. the saudi government says in a statement, the decision made unanimously by the opec+ group. and through continuous consultation with the u.s. administration that all economic analysis indicates that postponing the opec+ decision by a month according to what has been suggested would have had negative economic consequences. john kirby from the white house is responding. we had analysis that backs up in terms of when supply is concerned right now. the lack of global supply continues to be, quite frankly, the biggest challenge in the global energy and cutting supply makes no sense. mathematically, period. energy inflation and price is 8.2% higher than this time last year. but president biden says it could be worse. today s report shows some