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Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Posted on AllSides June 4th, 2023
From The Left

FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a “lollipop,” Saudi Energy Minister Abdulaziz...

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https://mercurynews.com/2023/06/04/saudi-arabia-is-slashing-oil-supply-it-could-mean-higher-gas-prices-for-us-drivers

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