Saudi Arabia's Oil Cuts Could Impact US Gas Prices.

Saudi Arabia will reduce its oil supply by 1 million barrels per day starting in July, in an effort to prop up the price of crude after previous cuts by OPEC+ failed to do so. The move could lead to higher gas prices for US drivers in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend the cut. The uncertain outlook for demand for fuel in the months ahead has led to concerns about economic weakness in the US and Europe, while China's rebound from COVID-19 restrictions has been less robust than many had hoped.