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Saudi Arabia to cut oil production

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Saudi Arabia announced it would cut 1 million barrels per day of crude production starting next month.

The Wall Street Journal reports the decision is an attempt to increase prices.

Saudi Energy Minister Abdulaziz bin Salman said the unilateral move was made “with the purpose of supporting our economy, the economies of our friends and colleagues, the OPEC-plus countries, for the betterment of the industry.”

Read more from The Wall Street Journal.

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