Saudi Arabia Cuts Oil Output After OPEC Members Clash Over Quotas

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Saudi Arabia Cuts Oil Output After OPEC Members Clash Over Quotas
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Saudi Arabia said it would cut 1 million barrels of oil a day as part of a deal between OPEC and its allies after one of the most contentious production meetings in recent years

Saudi Oil Minister Prince Abdulaziz bin Salman increasingly makes OPEC’s big output decisions, say cartel delegates. Saudi Arabia plans a voluntary production cut of 1 million barrels of oil a day. Photo: Max Brucker/EPA-EFE/Shutterstock

VIENNA—Saudi Arabia said Sunday it would cut 1 million barrels of oil a day as part of a deal between OPEC and its allies after one of the most contentious production meetings in recent years amid concerns over slowing global energy demand.Continue reading your article with

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Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi Arabia cuts oil output by 1 million barrels per day to boost sagging pricesSaudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day came Sunday after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead.
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