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Korea braces for oil price spikes following OPEC+’s output cut
Korea braces for oil price spikes following OPEC+’s output cut
EconomyOct 6, 2022
SEJONG -- South Korea’s economic policymakers are likely to adopt another round of contingency plans to minimize possible instability in consumer prices, as the OPEC+ has decided to curb oil production. The oil cartel’s decision comes after some local policymakers and market insiders claimed that Korea’s inflation was considered to have peaked in July, when consumer price growth posted 6.3 percent. At a meeting in Vienna on Wednesday, the OPEC+ publicized its plan to reduce c