Higher gas prices possible as Saudi Arabia cuts oil supply

NBC Dallas-Fort Worth

Lean Left

High Factuality

Individual: Roberts Family

Private Equity: HM Capital Partners

Will gas prices rise in the US? Saudi Arabia could send them higher with more cuts

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a …