Saudi Arabia and half a dozen other members of OPEC+ announced on Sunday that they plan to cut up to a combined 1.15 million barrels of oil a day from May until the end of 2023, calling the decision a “precautionary measure” aimed at ensuring market stability.
The unexpected move comes six months after a decision to cut production by two million barrels a day, also through the end of 2023, sparked a serious diplomatic spat between the Biden administration and the kingdom.
The seven…