Saudi Arabia has announced plans to reduce its oil exports to the global economy by 1 million barrels per day starting in July. This unilateral step is aimed at propping up the declining price of crude oil, following unsuccessful attempts by major oil-producing countries in the OPEC+ alliance to boost prices through supply cuts. The other OPEC+ producers have agreed to extend earlier production cuts through the next year. While the move is expected to raise oil prices initially, its long-term impact will depend on whether Saudi Arabia decides to extend the reduction. The previous production cuts by OPEC+ did not have a lasting impact on oil prices, with Brent crude prices currently below $75 per barrel and US crude dipping below $70.