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Saudi Arabia to cut supply of its oil again

Posted on AllSides June 5th, 2023
From The Left

FRANKFURT, Germany -- 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 at a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a "lollipop," Saudi Energy Minister Abdulaziz bin...

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https://arkansasonline.com/news/2023/jun/05/saudi-arabia-to-cut-supply-of-its-oil-again

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