Saudi Oil Production Cuts To Deepen Rift With U.S.

Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until the end of the year. The decision was hardly unexpected. What was unexpected was the length of the extension. It suggested that the biggest oil producers in OPEC+ were done playing around. They wanted higher prices, and they were going to get it. With that move, the thread on which U.S.-Saudi relations hang got thinner and frayed. Last…