Explainer: Why rising oil prices are a global concern

Business Sep 15, 2025

Oil prices just shot past $95 a barrel—something we haven't seen in over a year.
The main reason? OPEC+, a group led by Saudi Arabia, with Russia as a key ally, is considering more production cuts to keep prices up.
While this helps oil producers, it's making things pricier for everyone else and causing worries about inflation and global economic stability.

OPEC+ influence on oil prices

OPEC+ controls about 40% of the world's oil supply, so when they cut production, prices tend to jump.
The World Bank says every $10 rise in oil can bump up global inflation by 0.4%, which might delay interest rate cuts and slow down economic growth.
For most of us, that means higher costs for travel, goods, and everyday expenses.