The daily business briefing: September 6, 2023

Oil prices rise as Saudi Arabia and Russia extend production cuts, Huawei and China's biggest chipmaker build an advanced smartphone processor, and more

Huawei Mate 60 Pro cellphone
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1. Oil prices rise after Saudi Arabia, Russia extend production cuts

Saudi Arabia and Russia announced Tuesday they had agreed to extend voluntary oil production cuts through the end of the year to boost prices. The news sent the price of benchmark Brent crude rising above $90 per barrel for the first time since November, although prices slipped early Wednesday. The deal will reduce the global supply by 1.3 million barrels per day, with Russia alone cutting 300,000 barrels. The decision could drive up prices at the gas pump and increase inflation, The Associated Press reported. It also could hurt Saudi Arabia's relationship with the U.S. President Biden warned in 2022 Riyadh would face "consequences" if it teamed up with Moscow on cuts after Russia's invasion of Ukraine disrupted energy markets.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.