Saudis Say OPEC+ Oil Cuts on ‘Right Track’ to Balance the Market

“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi. The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil output this year to support prices. Crude producers in the U.S. are pumping a record 11.7 million barrels a day, according to the Energy Information Administration.