Trending Politics Conservative News and Commentary By Mark Steffen
Concerns over economic weakness in the United States have led Saudi Arabia to institute a new round of cuts in its oil production, a move which builds on top of two previous rounds of cuts by OPEC+.
Starting in July, the Islamic nation will reduce its oil output by 1 million barrels per day, news that will surely influence coming talks among OPEC nations to extend the previous rounds of cuts into next year.
Saudi Energy Minister Abdulaziz bin Salman said his nation will do “whatever is necessary” to stabilize the crude market after slumps that have allowed U.S. consumers to fill their tanks at reduced rates. Analysts forecast higher rates at the pump in the near future, according to the Associated Press.
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