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because oil producing countries agreed to continue cutting production basically to push up prices which seems to be working so far. saudi arabia said it would make cuts of1 million barrels a day injuly and 0pec+ said targets would drop by 1.4 million barrels per day from 202a. 0pec+ accounts for a1% of crude oil and let s get more for our middle east correspondent. it was widely expected before the meeting started on the weekend that 0pec+ would reduce oil production because it is hovering around $75 a barrel. there are concerns it could fall further with global economy struggling and demand wiggling. saudi arabia and some countries were really keen that the oil group goes ahead and makes another cut as a group but most countries were against that idea because any would cut the oil revenue crucial for their economies. saudi arabia was the only one who could make the cut and be able to manage its budget. why is saudi arabia keen to make these cuts? if you look at oil pri ....
But most countries were against that idea because any would cut the oil revenue crucial for their economies. saudi arabia was the only one who could make the cut and be able to manage its budget. why is saudi arabia keen to make these cuts? if you look at oil prices as i was mentioning they are hovering around $75 a barrel. for saudi arabia it is crucial that oil prices remain above $80 because that is the breakeven point and saudi arabia needs high oil prices to find the multibillion dollar infrastructure projects it is building in saudi arabia. it is building new cities, economic zones, new tourist destinations. for all of that it needs money. it is doing this to diversify the economy away from oil as the world reduces imports of fossil fuels. and that is why saudi arabia is worried that if oil prices continue to fall it could impact its other projects which are ongoing right ....