Saudi Arabia goes it alone in cutting oil production by one million barrels a day starting in July.
Oil producers are facing falling oil prices – and bets by Wall Street speculators could push prices further down.
Saudi Arabia says it wants to target those traders. It has announced it will cut oil output by one million barrels a day, starting next month. That will push its production down to levels rarely seen in decades.
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The decision came after lengthy negotiations by the OPEC+ alliance that saw other oil producers extend earlier reductions through to next year.
Elsewhere, Turkey’s new finance minister promises to return to “rational” economic policies.
Plus, clean energy investment is set to outshine oil for the first time ever.