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Opec and allies agree to hike output as Hormuz traffic begins recovery
Description
Crude prices are stable following last week’s drop below pre-Iran war levels, as Opec+ nations agree to increase production. ECB Governing Council Member and Central Bank of Ireland Governor Gabriel Makhlouf tells CNBC fall in prices will not be felt though any relief inflation just yet. Speaking to CNBC at the Rencontres Économiques d’Aix-en-Provence, EU Industry Commissioner Stéphane Séjourné insisted the bloc must defend its strategic interests in the face of growing geo-political threats. EasyJet has reached an ‘agreement in principle’ with U.S. investment company Castlelake which is set to acquire the UK budget airline in a deal worth an estimated $5.5bn.
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