Saudis Take Charge of Oil Market With Surprise Output Cut

NPR News Now


Cutting its oil production by million barrels per day as the state of the global economy remains tenuous most other members of opec will keep their production stable. More from npr's camilla domino. Some oil producing states are eager to boost their oil output as they hope vaccines will eventually restore oil demand but saudi arabia. The leader of opec is worried about pumping too much oil too soon. So the saudis announced a surprise cut which will reduce saudi revenue but prop up oil prices overall. Here's saudi energy minister prince abdulaziz bin. Someone tweak other cartel members will hold production steady while opec ally. Russia will increase output slightly. Us producers who do not participate in opec cuts will benefit from the saudis pushing prices up already. Us crude prices hit fifty dollars for the first time. Since february camilo domino's npr news wall street. The dow is up

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