Saudi Arabia announces it will cut oil output by 1M barrels per day to boost sagging prices, after two earlier production cuts by OPEC+ members failed to push prices higher
The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024. / Photo: AP Archive
The announcement of the Saudi cuts of 1 million barrels per day came on Sunday after a meeting of the alliance at OPEC headquarters in Vienna. There are concerns about economic weakness in the US and Europe, while China’s rebound from Covid-19 restrictions has been less robust than many had hoped. The kingdom’s share was 500,000. That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angering US President Joe Biden by threatening higher gasoline prices a month before the midterm elections.
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