DUBAI: Saudi Arabia and Russia agreed on Tuesday to extend their oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.
The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading Tuesday afternoon, a price unseen in the market since last November.
The countries’ moves will increase the cost for motorists filling up at the pump and put new pressure on Saudi Arabia’s relationship with the United States.