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Saudi Output Cut to Boost Oil Prices Could Be Costly

Posted on AllSides June 5th, 2023
From The Center

VIENNA—Saudi Arabia on the weekend slashed 10% of the kingdom’s oil output to boost prices, and the returns so far suggest it could be a costly bet. After warning speculators that OPEC+ could cut oil production again, Saudi Energy Minister Prince Abdulaziz bin Salman announced Sunday that the world’s biggest crude exporter would reduce 1 million barrels of its own output in July after other cartel members refused to join the effort. The Organization of the Petroleum Exporting Countries and its Russia-led allies account for close to half of the...

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