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Tag Archives: Saudi oil output cuts

Saudis Cut Oil Output Again as Kingdom’s Budget Reels From Crash

Oil terminal. Desert

BLOOMBERG, MAY 12, 2020 By Javier Blas for 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. Just hours after unveiling a slew of dramatic austerity measures, Saudi Arabia said it would cut oil output by another 1 million …

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