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Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives for an OPEC meeting in Vienna.

Reuters/ /Leonhard Foeger

Global oil prices and a “Saudi lollipop”

In a dramatic decision, Saudi Arabia announced Sunday that it will take a unilateral step to slash its oil output by 1 million barrels per day in order to boost global oil prices.

Other OPEC+ states – which include resource-rich countries in the Middle East, Latin America, and Africa, plus Russia – committed to extending earlier cuts announced in April through the end of 2024, though they didn’t go even deeper like the Saudis.

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Saudi Arabia’s Crown Prince Mohammed bin Salman and US President Joe Biden during a summit in Jeddah.

Balkis Press/ABACA via Reuters Connect

Laws, votes & guns: America’s options to respond to Saudi oil cuts

Following the largest cut in oil production — 2 million barrels per day — since the beginning of the pandemic by the Saudi-led OPEC+ oil cartel (which includes Russia), the Biden administration finds itself on a war footing about how to deal with Riyadh.

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