Saudis to cut oil production
The Saudi Energy Ministry said the cuts would be made in coordination with some OPEC and non-OPEC members, without naming them. The cuts are in addition to a reduction announced last October that infuriated the Biden administration.
Since those cuts, oil prices have actually trended down. Brent crude, a global benchmark, was trading at around $80 a barrel at the end of last week, down from around $95 a barrel in early October, when the earlier cuts were agreed.
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