Saudi Arabia Shoulders Oil Output Cut Alone to Stem Price Slide

The weekend’s OPEC+ meeting ended with a pledge from Saudi Arabia to cut its oil production by an extra 1 million barrels a day in July, while other members merely extended their existing curbs by 12 months.

Saudi Arabia’s bold move means ceding market share to other oil producers including Russia, which has been aggressively targeting buyers in Asia since Europe banned most imports of its oil following Moscow’s invasion of Ukraine.