Saudi Arabia plans to reduce how much oil it sends to global economy, meaning US oil prices may rise
Fox News
Oil prices in many countries across the world will potentially rise after Saudi Arabia announced that it planned on reducing how much oil it sends to the global economy.
Calling the reduction a "lollipop," Saudi Energy Minister Abdulaziz bin Salman said at a news conference that "we wanted to ice the cake." He said the cut could be extended and that the group "will do whatever is necessary to bring stability to this market."
The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy.
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