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Saudis cut oil output again as kingdom's budget reels from crash

Saudi Arabia plans to cut its oil output by 1 million barrels per day, bringing it to the lowest level in 18 years.

Photo: Maxim Shemetov/Reuters/Ritzau Scanpix

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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