Saudis Move to Counter U.S. Oil Strategy

Saudi Arabia is moving to cut the world’s oil supply after U.S. government deals allowed hundreds of thousands of barrels a day of Iranian oil to flow onto world markets, driving down prices.

The deals put Saudi Arabia at odds with Washington at a time when relations are already strained by the murder of journalist Jamal Khashoggi. The kingdom wants to trim production to boost oil prices to about $80 a barrel in support of its economy, Saudi advisers say. President Trump has warned against a production cut and called for lower...