Saudis, Allies Open Door to Oil-Output Cut to Keep Prices High

Saudi Arabia and some of its oil-producing allies have proposed cutting crude production, disappointing US officials who predicted the kingdom would cool the market following President Biden’s meeting with Crown Prince Mohammed am Salman in office for the first time.

The Saudi Arabian-led Organization of Petroleum Exporting Countries and a coalition of producers led by Russia – collectively known as OPEC+ – agreed in early August on a lower-than-expected increase in output.