Post
Topic
Board Economics
Topic OP
Saudi Arabia and OPEC Reveal Surprise Oil Production Cut
by
zasad@
on 05/04/2023, 16:23:13 UTC
https://news.bitcoin.com/saudi-arabia-and-opec-reveal-surprise-oil-production-cut-white-house-insists-cuts-arent-advisable-right-now/

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market.

White House response
https://www.bloomberg.com/news/articles/2023-04-02/opec-output-cuts-aren-t-advisable-right-now-white-house-says#xj4y7vzkg

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