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Oil prices up after Saudi Arabia announces more production cuts
1 year ago
48
Oil prices are up after Saudi Arabia, a key member of the Organization of the Petroleum Exporting Countries, announced more production cuts, which include reducing production by an additional 1 million barrels a day for at least a month and extending current cuts. Saudi Arabia, the world's top oil exporter, already reduced production in April by 500,000 barrels a day. Riyadh extended that cut on Sunday through December 2024.
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