Saudi Arabia

Production cuts first announced by Saudi Arabia and Russia in July have driven up prices at the pump, enriched Moscow's war chest and complicated global efforts to bring down inflation. read more >

In a forecast released Tuesday, the EIA projected Brent crude oil prices averaging $85 a barrel. Prices have been rising since June, largely thanks to a strategic cut in production by Saudi Arabia and a growing demand globally. read more >

The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for travel and industry. read more >

The decision for October rolls back a mostly symbolic increase of 100,000 barrels per day in September. read more >

The move comes after President Joe Biden visited Saudi Arabia last month, aiming to improve relations and encourage more oil production from the cartel to draw down high prices at the pump. read more >

High gasoline prices have eased somewhat in recent weeks. But diesel has remained chronically high, with American refineries operating near capacity. read more >

The additional 648,000 barrels per day will offer modest relief to the global economy. read more >

The U.S. will be acting alone, but in close consultation with European allies. read more >

The group's leaders chose to increase oil production by 400,000 barrels per day in April. read more >