Saudi Arabia said Tuesday it will cut its oil production by 1 million barrels a day, taking on the burden of supporting prices in the energy market as a “goodwill gesture” after a meeting with other crude-producing countries. The decision came after a meeting between countries that are part of the OPEC oil cartel and allies like Russia that have coordinated their production levels in recent years in an effort to sway the market. The pandemic has sowed uncertainty about when an economic recovery might arrive and boost sagging demand for energy. Leading OPEC member Saudi Arabia urged caution, saying demand for oil remains fragile even as the vaccination rollout raises hopes for an eventual return to more normal behavior. Its energy minister, Abdulaziz bin Salman, told a news conference on Tuesday that his country would unilaterally cut its output to help support prices. “We […]