Saudi Arabia needs more than higher oil prices to fund its grand plans | CNN Business

Saudi Arabia surprised traders again on Sunday with an oil production cut of about 1 million barrels a day, roughly 1% of global supply, which sent oil prices climbing. The Brent oil benchmark rose by more than 2% to around $78 a barrel on Monday as Riyadh reacted to economic headwinds that have impacted global oil demand. Saudi Arabia’s voluntary cut goes beyond a broader deal by the Organization of the Petroleum Exporting Countries and allies to limit supply into 2024.

‘Good for everybody’ “We believe that common market integration is good for everybody in the Gulf Cooperation Council. Investors want to be with other investors, and they want to be with professional companies like the accounting, the legal, financial advisory ,” Falih told CNN. “A rising tide lifts all boats.

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