Saudis move to counter U.S. oil strategy

The Wall Street Journal| Benoit Faucon, Summer Said and Sarah McFarlane: Saudi Arabia is moving to cut the world’s oil supply after U.S. government deals allowed hundreds of thousands of barrels a day of Iranian oil to flow onto world markets, driving down prices.

The deals put Saudi Arabia at odds with Washington at a time when relations are already strained by the murder of journalist Jamal Khashoggi. The kingdom wants to trim production to boost oil prices to about $80 a barrel in support of its economy, Saudi advisers say. President Trump has warned against a production cut and called for lower.

 

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