Saudi Arabia has announced it will cut oil production by 500,000 barrels a day. The decision was made because the Saudis would like prices to be higher than they have been in the $70-$80 range so far this year. Vladimir Putin is likely to benefit from an increase as he tries to generate revenue for his country's war effort against Ukraine.
OPEC announced this week that it will be slashing oil production – a move that caught many western countries flatfooted, and sparked fears of higher gas prices and spiking inflation. Get the facts first on Morning Wire.
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