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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.

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by Anonymousreply 6June 5, 2023 11:59 AM

Bastards

by Anonymousreply 1June 5, 2023 5:01 AM

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.

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by Anonymousreply 2June 5, 2023 5:11 AM

The world needs to switch to electric cars.

by Anonymousreply 3June 5, 2023 8:51 AM

The rest of OPEC+ isn’t doing the same

by Anonymousreply 4June 5, 2023 11:19 AM

The Saudis? As in Jared Kushner's 2 million dollar buddies? Donald Trump's "associates"? Those Saudis?

by Anonymousreply 5June 5, 2023 11:29 AM

*2 billion

by Anonymousreply 6June 5, 2023 11:59 AM
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