Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary crude oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
Heavyweight producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday.
FRANKFURT, Germany (AP) — 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.
DUBAI, United Arab Emirates — The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said in a statement.
Ministers from a group of oil exporting countries led by Saudi Arabia and Russia agreed on Wednesday to slash output by two million barrels a day, prompting pushback from the US and igniting fears that it could propel global inflation higher.
The average price of a gallon of gas has surpassed $5 in nine states, seven of which are run by Democrats, with the national average price soaring this weekend to $4.85, according to the the American Automobile Association (AAA).
