Saudi Arabia and Russia Extend Oil Production Cuts Through 2023, Raising Prices

Saudi Arabia is extending its voluntary 1 million barrel per day production cut through the end of 2023.
Russia is reducing its oil exports by 300,000 barrels per day through the end of 2023.
The cuts aim to balance oil markets but could raise prices and inflation.
Oil prices have hit 10-month highs with Brent crude topping $90 per barrel.
The US has cautioned Saudi Arabia about cooperating with Russia amid the Ukraine conflict.