Saudi Arabia and Russia have announced that they will extend their voluntary oil production cuts through the end of the year, reducing global crude output by 1.3 million barrels and pushing benchmark Brent crude above $90 a barrel, the highest since November 2022. This move is expected to increase Gas Prices for motorists and put pressure on Saudi Arabia's relationship with the United States. The production cuts aim to support the stability and balance of oil markets, and the Saudi government has stated that it will monitor the market and take further action if necessary.

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