the decision by the organization of petroleum exporting countries and its allies to slash its oil output came as a huge surprise to the market given earlier rhetoric from group leader saudi arabia that it would stand pat on production the move has brought concerns around inflationary pressures back to the fore adding to worries that higher prices and an aggressive monetary tightening by central banks could tip the global economy into recession the white house has described the opec decision as illadvised under current market conditions and added that the us will work with producers and consumers to manage gasoline prices for americans