Saudi Arabia's Additional Cut Boosts Oil Prices.

Saudi Arabia announced a unilateral production cut of 1 million barrels per day next month, causing crude oil prices to rise by more than 1% in early trade today. The UAE was allowed to increase its output by 200,000 bpd while some countries that had failed to reach their quotas had their quotas adjusted. The meeting agreed to extend current production cuts of 3.66 million bpd until the end of this year and reduce combined production by another 1.4 million bpd from the start of 2024.