Saudi Arabia Is Slashing Oil Supply — And It Could Mean Higher Gas Prices
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.
Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.
Offsite Linkby Anonymous | reply 6 | June 5, 2023 11:59 AM
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They always slash output in the summer. Also, they've slashed it several times this year already and the prices just keep falling. Old tricks aren't working anymore.
Offsite Linkby Anonymous | reply 2 | June 5, 2023 5:11 AM
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The world needs to switch to electric cars.
by Anonymous | reply 3 | June 5, 2023 8:51 AM
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The rest of OPEC+ isn’t doing the same
by Anonymous | reply 4 | June 5, 2023 11:19 AM
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The Saudis? As in Jared Kushner's 2 million dollar buddies? Donald Trump's "associates"? Those Saudis?
by Anonymous | reply 5 | June 5, 2023 11:29 AM
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