Saudis to cut oil output because of world glut
Saudi Arabia, the world's largest oil exporter, will cut its production by 450,000 barrels a day from its current output of 10.3 million barrels. The cut will take effect July 1.
Saudi Arabia has been under pressure from other producers to reduce its output because of oil glut on the world market, estimated to be running between 2.5 and 3 million barrels a day. The glut has caused several oil-exporting countrie s to cut their prices, including Britain, Norway, and Mexico