Saudi Arabia cuts oil output by a million barrels a day to boost sagging prices

The announcement of the Saudi cuts of one million barrels per day came on Sunday after a meeting of the alliance at Opec headquarters in Vienna (Alamy/PA)

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the Opec+ alliance of major oil-producing countries failed to push prices higher.

The announcement of the Saudi cuts of one million barrels per day came on Sunday after a meeting of the alliance at OPEC headquarters in Vienna.