Saudi Arabia Announces Cuts To Oil Production To Boost Prices

Saudi Arabia will cut its oil production by 1 million barrels per day in a move to boost oil prices, according to a Sunday announcement.

“This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz said of the decision reported in Reuters.

Riyadh’s voluntary cuts, effective July 2023, fall under a broader plan put in place by the Organization of the Petroleum Exporting Countries and allies (OPEC+), the outlet noted. The Russia-led group settled on a deal to further reduce overall production targets through 2024. The agreement increases the production targets...