Saudis Promise Production Cuts in Bid to Shore Up Slumping Oil Prices
Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering President Biden by threatening higher gasoline prices a month before the midterm elections.
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher.
The announcement of the Saudi cuts of 1 million barrels per day came Sunday after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024.
A login link has been sent to
Enter your email to read this article.
Get 2 free articles when you subscribe.
or
Have an account? This is also a sign-in form.
By continuing you agree to our Privacy Policy and Terms of Service.
