Saudi Arabia Shakes Up Oil Market with Surprise Cut

Hello again, Global Recap readers! Great news for parents of young children:

A skin patch that combats peanut allergies in children under the age of 4 has been found to be safe for use in a phase III trial.

How it Works: The patch uses exposure therapy to slowly train the toddlers’ bodies to tolerate proteins in peanuts that may cause an immune response.

The Study: Over 300 children participated in the study for 12 months. By the end of the study, 67% of the children didn’t experience adverse reactions to peanuts, double that of the placebo group.

The co-author Melanie Makhija, MD, says that this shows that the patch can protect children, who originally reacted to peanuts, from accidental exposure to peanuts.

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The answer to yesterday’s quiz is… A) BRICS’ The New Development Bank was created to provide an alternative to the World Bank and IMF.

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Saudi Arabia Shakes Up Oil Market with Surprise Cut 🇸🇦 

What happened: Saudi Arabia announced a reduction in oil supplies to boost prices after an OPEC+ meeting on Sunday. This is in addition to the 500,000 barrels per day (bpd) announced in April.

The meeting involved 13 OPEC members led by Saudi Arabia and 10 partners led by Russia.

Saudi Arabia’s Unilateral Decision: Saudi Arabia decided to cut oil supplies by 1 million bpd in July. This cut is “extendable,” according to Energy Minister Prince Abdulaziz bin Salman.


• This is a drop from ~10 million bpd in May to 9 million bpd in July.

Impact on Price: Analysts predict that this will increase oil prices in the short term. The long-term effect of this sudden cut will be felt if it is extended longer as the Energy Minister said.