Saudis, other oil giants announce surprise production cuts
Move could raise oil prices worldwide
Source: ladysmithchronicle.com
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Move could raise oil prices worldwide
Surprise move by Saudi Arabia and other oil exporters to curb production could boost U.S. gasoline prices, analysts say.
The cuts could raise prices at the pump by 26 cents per gallon on top of the usual summer increase.
DUBAI, United Arab Emirates -- Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
OPEC+ producers announced a cut in output, causing oil prices to surge.