OPEC oil cuts stand in the way of central banks. Crude oil has already accumulated an increase of almost 20% since the end of 2023, both due to the cartel's production cuts and the Ukrainian attacks on Russian oil facilities.
Oil is a particularly tricky element in the always difficult Rubik's cube of general price indices (CPI), which set the tuning fork for central banks when it comes to raising or lowering the price of money. Although expensive crude oil is being felt in all consuming countries—the United States and China included—the blow is particularly notable in the eurozone.