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Saudi Arabia’s decision to cut oil production by 1 million barrels per day has failed to cause a sustained rally in oil prices, although the IEA has warned higher prices are coming.
Oil prices fell $0.51 and $0.54 on the barrel of Brent and West Texas Intermediate (WTI) crudes, respectively, on Tuesday
Saudi Arabia, the group's biggest producer, will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group faces flagging oil prices
The Organisation of the Petroleum Exporting Countries (OPEC) decision to cut oil production starting next year will have a negative impact on families in the United States, House Majority Leader Steve Scalise said on Tuesday.
Slump in oil prices has helped US drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation