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24 Dec 2019 S&P Global Platts Analytics expects production to end 2020 at around 600,000 b/ d. Thomas O'Donnell, professor of energy and geopolitics at the 

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This suggests there can be a trade-off between unemployment and inflation. However, equally you can look at other periods, and the trade-off is harder to see. UK Evidence – Unemployment v Inflation % annual change in inflation and unemployment. Monetarist View. The Phillips curve is criticised by the Monetarist view. To be clear, I think the unemployment/inflation tradeoff lives on--I don't believe the zero at the end of that Phillips curve figure above. But I'm afraid that's about the extent of what we know right now. The recent combination of low unemployment and low inflation has been puzzling economists, who typically believe in a tradeoff between unemployment and inflation — at least in the short run. After all, low unemployment means that firms have to compete for employees, which they do by increasing wages.

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