Saudi Arabia announced a surprise move to slash oil output to the lowest in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances.
Just hours after unveiling a slew of dramatic austerity measures, Saudi Arabia said it would cut oil output by another 1 million barrels a day on top of what it already agreed with OPEC allies. Oil futures rose, and Kuwait and the United Arab Emirates followed up with extra cuts of their own.
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