Oil Prices Jump Following Surprise Production Cut

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 3 April 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

A.M. Edition for April 3. Crude-oil prices surged this morning after a Saudi-led group of producers said new output cuts would kick in next month. WSJ markets reporter Joe Wallace says the move will frustrate U.S. efforts to reduce Russia’s oil revenue. Plus, the World Bank warns of a ‘lost decade’ of global economic growth. Luke Vargas hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The scientists of today are creating the next big thing.
0:04.3	On the Wall Street Journal's future of everything podcast,
0:07.1	get an early listen to what tomorrow has in store.
0:10.4	Find us wherever you get your podcasts.
0:20.4	Oil prices jump as Saudi Arabia announces a production cut.
0:25.1	Oil accounts for most estate revenue in Russia,
0:27.5	so this can only help help fill the coffers in the Kremlin.
0:31.0	Plus, Russia takes the helm of the UN Security Council
0:34.6	as a journal reporter remains in the country behind bars
0:38.9	and the World Bank warns of a lost decade of global growth.
0:43.1	We have a big demographic challenge in a lot of countries
0:46.2	and of course the war in Ukraine, the COVID-19 global pandemic.
0:50.2	These factors are all just compounding in a very potentially very negative way
0:54.3	unless governments and companies take really drastic action.
0:57.8	It's Monday, April 3rd.
0:59.4	I'm Luke Vargas with the Wall Street Journal
1:01.7	and here is the AM edition of What's News,
1:04.6	the top headlines and business stories moving your world today.
1:16.5	Crude oil prices are surging this morning
1:18.8	after a group of oil producers led by Saudi Arabia
1:22.2	announced a major cut to production.
1:24.9	In a market that is tightly balanced between supply and demand,
	...

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