Stagflation emerges as OPEC’s big economic risk after US debt reprieve

Stagflation is a word that should strike fear into the hearts of OPEC ministers scheduled to meet in Vienna on June 3. The economic phenomena of low growth and entrenched inflation that wreaked havoc in the 1970s may be back with a vengeance. For OPEC and its allies led by Russia, global stagflation is very bad for business. It invariably…