Saudi Arabia said Sunday it will cut oil production by 500,000 barrels per day from May until the end of 2023.
The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fueled in part by the war in Ukraine.
The Saudi Energy Ministry said Sunday that the cuts would be made in coordination with some OPEC and non-OPEC members, without naming them. The cut is in addition to a reduction announced last October that infuriated the Biden administration.
