The report also flagged the high crude oil price (above $90 a barrel) as a potential risk to global financial stability. According to the Reserve Bank of India, a new risk to global financial stability stems from the commodity markets as crude oil prices ruling above $ 90 per barrel challenge 10-month highs due to Saudi Arabia and Russia extending voluntary production cuts to the end of 2023. Global inflation is once again under siege as the deep deficits in global oil balances become persistent unless global demand is hit by a sharp economic downturn,” the report added. The report also flagged the high crude oil price (above $90 a barrel) as a potential risk to global financial stability. Global inflation is once again under siege as the deep deficits in global oil balances become persistent unless global demand is hit by a sharp economic downturn,” the report added.

Source: Indian Express September 19, 2023 13:35 UTC