Saudi Arabia to cut oil output by 1 million barrels per day to boost slumping prices

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Saudi Arabia says it will reduce how much oil it sends to the global economy. It’s taking a unilateral step to support the sagging cost of crude after two earlier cuts in supply by major oil-producing countries in the OPEC+ alliance failed to push prices higher. Sunday’s announcement of the Saudi cuts of 1 million barrels per day followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead.