Saudi Arabia's Call for an Output Cut Pushes Oil Prices Higher
President Donald Trump criticized Saudi Arabia’s announced plan to cut oil production on Monday.
Saudi Arabia’s energy minister said earlier Monday that OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.
Producers need to cut about 1 million barrels a day from October production levels, Saudi Energy Minister Khalid Al-Falih said in Abu Dhabi. The kingdom will reduce shipments by about half that amount next month, making its second policy U-turn after a summer surge in prices was followed by a swift collapse into a bear market this month.