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5 things to know about Saudi Arabia's stunning decision to cut oil production

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Oil prices surged after Saudi Arabia and some other oil producers announced they're reducing their oil output. That will send gas prices higher – and benefit energy companies in the U.S.

A person goes to the pump at a gas station in Arlington, Va., on July 29, 2022. Gas prices have come down significantly since peaking last year but they could rise again after Saudi Arabia and other countries said they would collectively cut oil production by more than one million barrels.

 

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