FRANKFURT, Germany (AP) — Saudi Arabia says it will reduce how much oil it sends to the global economy. It’s took a unilateral step Sunday to support the sagging cost of crude after two earlier cuts in supply by major producing countries in the OPEC+ alliance failed to push prices higher. The Saudi cut of 1 million barrels per day starts in July. The other OPEC+ oil producers agreed to extend earlier production cuts through next year. Analysts say the Saudi cut would likely push up oil prices in the short term and that gasoline will become a bit more expensive. That the Saudis felt another cut was necessary underlines the uncertain outlook for fuel demand in the months ahead.
Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
