The majority of OPEC+ energy ministers gathered in Vienna over the weekend and consented to maintain the previously agreed-upon reduction in oil production through the end of 2024. The United Arab Emirates received approval to increase hydrocarbon production. However, Saudi Arabia, the most influential member of OPEC, has announced it will unilaterally reduce production by 10%, or 1 million barrels per day, beginning in July.
Why is Saudi Arabia unilaterally implementing costly oil cuts?
