The Globe and Mail reports in its Monday, June 5, edition that Saudi Arabia said Sunday it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two previous cuts to supply by major oil-producing countries in the OPEC+ alliance failed to push prices higher. An Associated Press dispatch to The Globe reports that the announcement of Saudi's cuts of one million barrels a day, which will start in July, came after a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier production cuts through the end of 2024. "This is a grand day for us, because the quality of the agreement is unprecedented," Saudi Energy Minister Abdulaziz bin Salman said at a news conference, adding that the new production targets are "much more transparent and much more fair." Calling the Saudi reduction a "lollipop," Mr. bin Salman said, "We wanted to ice the cake." He said the cut could be extended and that the group "will do whatever is necessary to bring stability to this market." It is possible the latest production cut could send oil prices up and, with them, gasoline costs.