Saudi arabia news

A person goes to the pump at a gas station in Arlington, Va., on July 29, 2022. Gas prices have come down significantly since peaking last year but they could rise again after Saudi Arabia and other countries said they would collectively cut oil production by more than one million barrels. Olivier Douliery/AFP via Getty Images hide caption toggle caption Olivier Douliery/AFP via Getty Images A person goes to the pump at a gas station in Arlington, Va., on July 29, 2022. Gas prices have come down significantly since peaking last year but they could rise again after Saudi Arabia and other countries said they would collectively cut oil production by more than one million barrels. Olivier Douliery/AFP via Getty Images Saudi Arabia and a handful of other countries stunned the world on Sunday by announcing significant cuts in their oil production – totaling more than a million barrels of oil per day – starting in May. The decision was unexpected because it did not come as a typical, negotiated OPEC+ agreement reached at a regularly scheduled meeting. Instead it was undertaken by Saudi Arabia and other producers including the United Arab Emirates and Iraq, and announced without warning. "It was a massive surprise to everybody in the market," says Jorge Leon, a senior vice president at Rystad Energy. Here's what to know about these cuts: Oil markets have responded with a price jump ... Brent prices, the global benchmark, jumped up around $5 to around $85 a barrel immediately on ne...