Putin MBS oil Bonhomie surprises the US again . Russia , Saudi announce oil cuts till December . Move shocks global markets crude jumps above 90 USD/barrel .
Oil prices above 90 USD a barrel for the first time in 2023 on Tuesday . This as Saudi Arabia and Russia extended oil cuts until the end of the year . The move by Russia and Saudi threatens to reignite inflation concerns globally .
It is the latest effort by two of the world largest oil producers by boost prices despite much of the world grappling with higher energy costs . Saudi Arabia which leads the expanded OPEC+ Cartel with Russia , has cut an additional 1mn barrels a day from the global market since July .
The prolonged cut by Saudi Arabia is likely to raise tensions with the white house . The US has criticisedthe Kingdom for collaborating closely with Russia. This despite Ukraine war and Russia weaponisation of natural gas supplies .
The Biden administration is keen to keep pump prices in check ahead of the election . Inflation and fuel costs are likely to be areas of attack for the republican party .
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