Saudi Arabia says it will maintain production cuts that have helped drive oil prices up
Saudi Arabia says it will maintain a production cut of 1 million barrels of oil a day through the end of the year
RIYADH, Saudi Arabia (AP) — Saudi Arabia on Wednesday confirmed that it will maintain a production cut of 1 million barrels of oil a day through the end of the year.
The announcement could further prop up oil prices, which are hovering around $90 a barrel. Production cuts first announced by Saudi Arabia and Russia in July have driven up prices at the pump, enriched Moscow's war chest and complicated global efforts to bring down inflation.
The Saudi Energy Ministry reaffirmed that the cuts would continue through the end of the year in a brief statement posted on its website Wednesday attributed to “an official source.” It said the kingdom would continue to produce 9 million barrels per day in November and December.
“The source stated that this voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production,” the statement said.
