Saudi Arabia is a member of the Organization of the Petroleum Exporting Countries (OPEC). The countries in OPEC produce oil according to preset amounts (quotas). When Saudi Arabia cuts oil production, the

Question

Quizplus · Accepted Answer

When Saudi Arabia cuts oil production, the supply of crude oil falls, resulting in a decrease in the global supply. This, in turn, leads to an increase in oil prices in the world market due to the high demand for oil and its limited supply.

Saudi Arabia Is a Member of the Organization of the Petroleum