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June 5, 2023

Saudi Arabia Will Slash Oil Production by 1 Million Barrels Per Day
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Saudi Arabia has agreed to cut oil production by a further 1 million
barrels per day, after a weekend meeting of OPEC+ members in Vienna,
Austria. The move will likely push global oil prices higher. It follows
cuts of 3.7 million barrels of oil per day by OPEC+ over the past year.
The Biden administration has criticized the cuts, saying increased
profits from higher energy prices could benefit Russia.


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