Saudi Arabia, Russia agree to cut oil production in 2 years

Saudi Arabia and Russia agreed on Wednesday to cut production in more than two years in a bid to raise prices, countering the efforts of the United States and Europe to choke off the enormous revenue that Moscow reaps from the sale of crude.

U.S. President Joe Biden and European leaders have urged more oil production to be able to reduce gasoline prices and punish Moscow for its aggression in Ukraine. Russia has been accused of using energy as a weapon against countries opposing its invasion of Ukraine, and the optics of the decision could not be missed.

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