Saudi Arabia will cut its oil production by 1 million barrels per day in a move to boost oil prices, according to a Sunday announcement.
“This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz said of the decision reported in Reuters.
Riyadh’s voluntary cuts, effective July 2023, fall under a broader plan put in place by the Organization of the Petroleum Exporting Countries and allies (OPEC+), the outlet noted. The Russia-led group settled on a deal to further reduce overall production targets through 2024. The agreement increases the production targets for the United Arab Emirates while lowering those of others, translating into cuts of 1.4 billion barrels per day, according to Reuters.
The new production targets are “much more transparent and much more fair,” Saudi Arabia’s energy minister said, per AP News. Saudi Arabia’s announced cuts reflect uncertainty over fuel demand in the coming months, the outlet said.
At the start of summer travel season, U.S. drivers enjoy a drop in prices at the pump from last season’s average of $4.57, according to AAA statistics cited by the AP. The forthcoming drop in production by the world’s second largest oil producer could mean an increase in gas prices, the outlet suggested.
Thanks a lot, Brandon! 🤬🤬🤬
Does that surprise anyone? COMRADE BIDEN shut down 80% of US dring. So REPUBLICANS should do is override COMRADE BIEN and his COMRADES should go back to DRILL BABY DRILL ASAP.
United States should announce a boost in production to CUT prices
Like inflation wasn’t bad enough, lets make things worse.
It is all planned.
FJB.
They are our ENEMY & we Do NOT need them !!!!!
Our biggest enemy is in the white house,
Lets also see how many politicians like Nancy buys stock in Saudi Oil now, just watch!
When Trump Returns they can GO TO HELL !!!!!!