Saudi Arabia cuts oil output to boost prices

Saudi Arabia on Sunday announced that it would slash its oil supplies to the global economy in a bid to prop up prices. 

The announcement came after hourslong negotiations at an OPEC+ meeting — the grouping of the 13-member Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and the group’s 10 partners, led by Russia.

The meeting was closely watched as a tough one, with Russia seen as wanting to maintain production levels, and Saudi Arabia seeking to…