Saudi Arabia Will Slash Oil Production by 1 Million Barrels Per Day

Saudi Arabia has agreed to cut oil production by a further 1 million barrels per day, after a weekend meeting of OPEC+ members in Vienna, Austria. The move will likely push global oil prices higher. It follows cuts of 3.7 million barrels of oil per day by OPEC+ over the past year. The Biden administration has criticized the cuts, saying increased profits from higher energy prices could benefit Russia.