Mixed Reactions to Saudi Arabia's Surprise Oil Cut in OPEC+ Meeting.

Saudi Arabia surprised OPEC+ members by keeping its plan to make a deep cut to its own oil output during a weekend of talks in Vienna under wraps, with some member states only learning about the reduction from the final news conference. The Saudi Energy Minister Prince Abdulaziz bin Salman announced the output cut after the meeting, calling it a "Saudi lollipop". Saudi Arabia said it would cut output in July by 10% or 1 million barrels per day (bpd) to 9 million bpd and may extend cuts further if needed. Meanwhile, OPEC+ agreed to extend cuts into 2024 but didn't commit to any fresh cuts in 2023.