Saudi Arabia cuts oil output by 1 million barrels per day to boost sagging prices

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day came Sunday after 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.

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