Why oil prices will stay high and add to stagflation risk

The price of oil surged more than 30% in the third quarter, driven by solid global demand, supply cuts from OPEC+ and additional voluntary cuts from Saudi Arabia and Russia. But is the market starting to turn? And what does it all mean for growth, inflation and monetary policy? ING's Head of Commodities Strategy, Warren PattersonSenior Economist Bert Colijn says this has serious implications for growth, inflation and monetary policy in the eurozone.