Saudi Arabia has decided that it is going to cut oil production by 500,000 barrels per day from May.
According to the foreign news agency, this cut of oil production will continue until the end of this year.
According to the report, the Saudi decision will make oil more expensive in the global market, while the global oil prices are already high due to the Ukraine war.
Saudi Arabia’s new decision is expected to increase the coldness in the relations between Riyadh and Washington.
The Saudi Minister of Energy says that the reduction in oil production is being done together with OPEC and non-OPEC member countries.
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