Saudi Arabia's Oil Production Cut Sends Prices Soaring.

Saudi Arabia, the world's biggest oil exporter, announced a million-barrel-per-day production cut at the OPEC Plus summit to boost sagging energy prices. The move is largely going it alone, with the United Arab Emirates seeing its production quota grow, while other countries had their targets reduced. The complex arrangement followed a flurry of negotiations throughout one of the tensest OPEC meetings in recent memory, with African producers unhappy with the U.A.E.'s efforts to increase its production quotas. The long-term impact of the move isn't clear, and the prospect of slowing global economic growth, particularly in China, is keeping a lid on oil prices.