Higher oil prices would help fill Russian President Vladimir Putin’s coffers as his country wages war on Ukraine and force Americans and others to pay even higher prices at the pump amid infl…
DUBAI, United Arab Emirates — Saudi Arabia said Sunday it will cut oil production by 500,000 barrels per day from May until the end of 2023, a move that could raise prices worldwide.
It was also likely to further strain ties with the United States, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia’s finances. Both the U.S. and Saudi Arabia denied any political motives in the dispute, with each saying it was focused on maintaining a healthy market price.
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