Saudi Arabia has made the bold move to cut its oil production in a bid to boost sagging oil prices. The move comes after members of the Organization of the Petroleum Exporting Countries (OPEC) clashed over output quotas during their latest meeting. This decision has caused concern for US drivers, who may now face higher gas prices due to lowered oil supply.

According to The Wall Street Journal, Saudi Arabia’s decision to cut its oil output by 1 million barrels per day is the latest move in a push to raise oil prices after months of low demand caused by the COVID-19 pandemic. Politico reports that the global oil market has been in turmoil for months, with Saudi Arabia and Russia locked in a price war earlier in the year.

The decision to limit production has been met with mixed reactions. Some OPEC members had hoped to increase production to meet growing demand, while others were concerned with the current state of the market. The move will likely be welcomed by oil producers who have been struggling to stay afloat during the pandemic.

However, this decision could also have consequences for consumers. Yahoo News reports that US drivers may now face higher gas prices if oil prices continue to rise. Despite this, euronews reports that the move could be beneficial to the global economy and help to stabilize the oil market in the long term.

Overall, the decision to cut oil production signals a shift in Saudi Arabia’s strategy to boost oil prices and regain control over the global oil market. Only time will tell whether this move will pay off for oil producers and consumers alike.