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Saudi Arabia, Six Other OPEC+ Members Announce Surprise New Oil Production Cuts

Posted on AllSides April 3rd, 2023
From The Right
Energy, Oil, OPEC, Saudi Arabia
Frederic J. Brown / AFP via Getty Images

Saudi Arabia and half a dozen other members of OPEC+ announced on Sunday that they plan to cut up to a combined 1.15 million barrels of oil a day from May until the end of 2023, calling the decision a “precautionary measure” aimed at ensuring market stability.

The unexpected move comes six months after a decision to cut production by two million barrels a day, also through the end of 2023, sparked a serious diplomatic spat between the Biden administration and the kingdom.

The seven producers each issued separate but...

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