Saudi Arabia cuts oil production again to shore up prices — this time on its own

Prices are displayed on a gas pump outside of a gas station in Washington, D.C., on June 14, 2022. (Stefani Reynolds/AFP via Getty Images)

Saudi Arabia announced Sunday that it would begin cutting oil production by 1 million barrels per day in July to support the "stability and balance of oil markets."

Though the country says it doesn't use the cost of crude to make oil production decisions, the move is considered to be an attempt to prop up oil prices in response to global economic uncertainty and concerns that international demand could drop.