Saudi Arabia announced on Sunday that the country will reduce its oil production between May and by the end of 2023, which might lead to a significant increase in prices at the pump.
In a statement, the Saudi energy ministry says the country will produce 500,000 barrels less per day, representing a 5% drop in total production.
Saudi Arabia produces an average of 11.5 million barrels of oil per day.
Experts believe that this announcement might increase prices at the pump. Joe Biden had asked Riyadh this summer to increase its oil production.
AFP
Other OPEC+ member countries, including Russia and the United Arab Emirates have also announced lower production.
– According to The Associated Press
