How will Saudi Arabia’s oil output cut affect prices?
Video duration 26 minutes 00 seconds
Saudi Arabia is on its own to cut oil production by a million barrels a day from July.
Oil producers are facing falling oil prices – and speculators’ bets on Wall Street could push prices further down.
Saudi Arabia says it wants to target those traders. It has announced that it will cut oil production by one million barrels per day from next month. That will drive production to levels rarely seen in decades.
The decision came after protracted negotiations by the OPEC+ alliance, with other oil producers extending previous cuts into next year.
Elsewhere, Turkey’s new finance minister vows to return to “rational” economic policies.
In addition, investments in clean energy will outperform oil for the first time ever.