Inflation Woes Intensify as Saudi Arabia Slashes Oil Output

America’s inflation woes are likely to intensify further after Saudi Arabia revealed in a surprise announcement that it is slashing oil output.

On Sunday, the Saudis announced that the country is rolling out voluntary cuts to the Kingdom’s oil production.

Russia and other OPEC+ oil producers are joining Saudi Arabia in slashing output.

According to Reuters, as much as 1.15 million barrels per day will stop being produced.

The oil cuts are expected to lead to higher gas prices in the United States.

The Saudis and OPEC+ said the oil production cuts are designed to support market stability.

The move will dismay Democrat President Joe Biden’s administration.

The surprise reduction marks the second output cut these countries have agreed to in the past year.

In October 2022, the OPEC coalition, led by the Saudis and Russians, announced 2 million barrels per day would be cut in production until November 2023, as Slay News reported at the time.

Slay the latest News for free!

We don’t spam! Read our privacy policy for more info.

The White House has called for lower prices for oil to stimulate the economy.

The Biden admin has also claimed that lower prices would prevent Vladimir Putin from profiting from oil sales as the Russia/Ukraine conflict continues.

Following the October 2022 cuts, Biden claimed Saudi Arabia would be facing “consequences.”

Democrat members of Congress also echoed a call for the U.S. to freeze cooperation with Saudi Arabia.

Despite the public chest-thumping from the Biden admin, however, no “consequences” have yet to emerge.

Meanwhile, Saudi Arabia has denied supporting Russia in its Ukraine conflict, despite the oil cuts.

Nevertheless, this move brings the Saudis into a closer alliance with Putin.

READ MORE: U.S Officials Humiliate Biden, Admit Chinese Spy Balloon Successfully Gathered Intel on Sensitive Military Sites

Advertise with Slay News
join telegram


Who is the best president?

By completing this poll, you gain access to our free newsletter. Unsubscribe at any time.

By David Lindfield
Notify of
Would love your thoughts, please comment.x