Offshore

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
Photo: Maxim Shemetov/Reuters/Ritzau Scanpix
BY JAVIER BLAS, BLOOMBERG

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.

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