'This shows that the energy crisis in Europe is threatening to escalate into a global price war,' German business paper Handelsblatt put it, suggesting it pits Europe and the US against OPEC, its partners, and large oil importers like China and India. The cut comes as the EU prepares for slowing growth due to higher energy prices, with recessionary fears competing with inflationary ones as the key issue facing policymakers. White House officials said the administration would reevaluate its relationship with the Saudi Kingdom. While he remained vague about specifics in an interview with CNN, he suggested he would act soon.

On Tuesday, US President Joe Biden said there would be 'consequences'' for Saudi Arabia following the Riyadh-led alliance's move to cut oil production. A barrel of European Brent crude cost around $94 (€95) this week, after rising 4% to a 5-week high of $98 per barrel last week on news that OPEC+ (OPEC plus a handful of other oil producers led by Russia) had agreed to cut production by 2 million barrels per day, about 2% of global supply, from November.

What happend to the gas