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Saudi oil cut could lead to long-term gas hike if demand climbs

Posted on AllSides June 5th, 2023
From The Center

The government of Saudi Arabia announced Sunday that it will voluntarily cut oil production by about 1 million barrels a day, likely sending gas prices higher this summer in the U.S.

The Gulf kingdom, the largest oil producer in the Organization of Petroleum Exporting Countries, confirmed that it will cut production from 10 million to 9 million barrels despite OPEC at large announcing it will not alter production plans for the remainder of 2023.

Patrick De Haan, head of petroleum analysis at GasBuddy, noted that oil prices shot up Sunday...

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