OPEC+ announcing surprise oil production cuts, sparking a surge in oil prices as analysts revise their price forecasts for the remainder of the year. Yahoo Finance asked 4 experts how the cuts will affect the global economy and ongoing price inflation.

We spoke to The Energy Word Founder Dan Dicker, CFRA Research Chief Investment Strategist Sam Stovall, Kpler Lead Oil Analyst Matt Smith, and HSBC Global Head of Emerging Markets research Murat Ulgen.

“Of course whenever you increase the price of the base product, crude oil, that goes into making gasoline, it’s going to get worse,” says Dan Dicker.

Matt Smith explains further, “there’s some people who are pointing to this cut and saying look it’s going to be taking so much production out of the market through the rest of this year. It’s essentially a natural offset for the SPR release that we saw from the US last year. Regardless, OPEC is focused on stability in the market. They don’t want choppiness, they don’t want volatility."

More Yahoo Finance coverage here:

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Video Transcript

- Oil prices spiking after OPEC plus members announced a cut to production by an additional 1 million barrels per day.

- Just taking a look at what Wall Street analysts are saying about this surprise announcement. They are basically now expecting oil to go up through the end of the year.

DAN DICKER: Yes, of course, whenever you increase the price of the base product, crude oil, that goes into making gasoline it's going to get worse. What has been a very slow burning Cold War between Saudi Arabia and the United States.

MURAT ULGEN: We have to see how this OPEC news sort of trickles in where it will create winners and losers again based on the rise in oil prices.

MATT SMITH: But some people are pointing to this cut and saying, well look, it's going to be taking so much production out of the market through the rest of this year. Regardless, OPEC is focused on stability in the market here. They don't want choppiness. They don't want volatility.

- Elevated energy prices, another recession factor there.

- Of course, the big question is what this means for the Fed's fight against inflation.

SAM STOVALL: It actually sort of confirms that we're likely to see two 25 basis point hikes. With oil prices likely to be moving higher, inflation will continue to be a thorn in the Fed's side. I think the real question is, how deep will the recession be? And I think one of the main factors will be how long does the Fed continue to raise rates?

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