New York (CNN Business) Saudi Arabia is pledging to make even deeper cuts to its oil production as the kingdom scrambles to revive the crude market it helped crash. That would leave Saudi Arabia's daily output at just 7.5 million barrels, down 39% from April when the kingdom was intentionally flooding the market with oil in the midst of an epic price war with Russia. The latest production cuts by Saudi Arabia, the world's largest oil exporter, underscore the intense pressure the oil crash has put on the Middle East nation's budget. "They need to get prices higher and stabilize the oil market because that's their ATM," said Helima Croft, head of global commodity strategy at RBC Capital Markets.

Source: CNN May 11, 2020 14:15 UTC