Saudi Arabia is reducing its oil supply. Here's what it could mean for gas prices.

It’s possible the latest production cut could send oil prices up and with them, gasoline costs.

FRANKFURT, Germany — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.

The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.

Calling the reduction a “lollipop,” Saudi Energy Minister

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