Blow to Joe Biden, who had hoped to benefit from lower pump prices in an election year
Saudi Arabia has cast doubt on the future of the global oil market after abandoning plans to grow its crude production capacity by 1m barrels a day.
The world’s biggest exporter signalled a big change in policy by ordering the state oil company, Saudi Aramco, to drop plans to expand its maximum production capacity to 13m barrels a day by 2027.
More Stories
US and China holding talks on trade war, Trump says after Beijing rebuttal
Taking over the family business? Expect less Hallmark, more stress
Apple ‘aims to source all US iPhones from India’, reducing reliance on China