5 things to know about Saudi Arabia's stunning decision to cut oil production
Oil prices surged after Saudi Arabia and some other oil producers announced they're reducing their oil output. That will send gas prices higher – and benefit energy companies in America.
Saudi Arabia and a handful of other countries stunned the world on Sunday by announcing significant cuts in their oil production – totaling more than a million barrels of oil per day – starting in May.
The decision was unexpected because it did not come as a typical, negotiated OPEC+ agreement reached at a regularly scheduled meeting. Instead it was undertaken by Saudi Arabia and other producers including the United Arab Emirates and Iraq, and announced
