(KERO) — You could see higher prices at the pump soon. Saudi Arabia will start slashing oil production by one million barrels a day next month.
The country says the decision will support the stability and balance of oil markets. Saudi Arabia says the cuts will last a month and could be extended.
The move is considered an attempt to boost oil prices amid economic uncertainty.
Other OPEC countries also agreed to extend production cuts until the end of next year.
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Saudia Arabia only counts for 5 percent of the oil the U.S. imports, according to the U.S. Energy Information Administration. The U.S. gets most of its oil from Canada (51 percent). Mexico and Russia are second with 8 percent each.
The U.S. is the top crude oil producer in the world according to the EIA. It produced 14.5 percent of the world's crude oil, followed by Russia at 13.1 percent, Saudi Arabia at 12.1 percent and Canada at 5.8 percent.
In addition, the EIA says the U.S. exported more oil than it imported in 2021. "In 2021, the United States exported about 8.54 million barrels per day (b/d) and imported about 8.47 million b/d of petroleum, making the United States an annual total petroleum net exporter for the second year in a row since at least 1949."
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