Saudi Arabia Announces Solo Oil Production Cut After OPEC+ Meeting

Saudi Arabia announced a million-barrel-per-day (bpd) oil production cut on Sunday that would begin in July, a policy change following a meeting of the OPEC+ oil cartel in which several members failed to meet their production quotas and one — the United Arab Emirates (UAE) — announced a production increase. Saudi Arabia’s officials have spent much of the past year warning that dropping oil prices could have a destabilizing effect on the world economy and hurt the Saudi government’s bottom line specifically. Riyadh has spearheaded multiple dramatic production cuts in...