Energy and Environment

Saudis, other oil giants announce surprise production cuts

By Associated Press
Published April 2, 2023 6:03pm ET
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Saudis, other oil giants announce surprise production cuts
FILE - This Sept. 11, 2013 file photo shows oil pumps the desert oil fields of Sakhir, Bahrain. Dramatic changes in oil production around the globe, both higher and lower, are balancing each other out instead of wreaking havoc. This has helped world oil prices stay high enough to provide OPEC countries with robust income, but not so high that they scare customers away from buying more of their precious product. (AP Photo/Hasan Jamali, File) | Hasan Jamali

DUBAI, United Arab Emirates (AP) — Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.

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