Posted on Jun 5, 2023
Saudi Arabia cuts oil production again to shore up prices — this time on its own
656
11
4
5
5
0
Posted 12 mo ago
Responses: 4
PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
(3)
(0)
PO1 William "Chip" Nagel
"Saudi Arabia has agreed to reduce its oil production by one million barrels a day in February and March, while Russia and Kazakhstan will increase their output by 130,000 barrels a day in total1. The decision was made by the OPEC+ coalition of 24 oil-exporting countries, which aims to balance supply and demand and curb market volatility12. The decision has pushed oil prices up more than 4 percent, reaching levels not seen since February1. The decision has also drawn criticism from the U.S., which has accused Saudi Arabia of aligning with Russia and hurting U.S. consumers and allies234. Saudi Arabia has dismissed the U.S. criticism as politically motivated and not based on facts24. The decision comes as the world faces rising energy costs and tensions over Russia's aggression in Ukraine5."...
"Saudi Arabia has agreed to reduce its oil production by one million barrels a day in February and March, while Russia and Kazakhstan will increase their output by 130,000 barrels a day in total1. The decision was made by the OPEC+ coalition of 24 oil-exporting countries, which aims to balance supply and demand and curb market volatility12. The decision has pushed oil prices up more than 4 percent, reaching levels not seen since February1. The decision has also drawn criticism from the U.S., which has accused Saudi Arabia of aligning with Russia and hurting U.S. consumers and allies234. Saudi Arabia has dismissed the U.S. criticism as politically motivated and not based on facts24. The decision comes as the world faces rising energy costs and tensions over Russia's aggression in Ukraine5."...
(2)
(0)
Read This Next