BY DAVID MCHUGH
Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel.
The increase also complicates the global fight against inflation and feeds Russia’s war chest. That poses problems for politicians as well as the people having to spend more to get to work, transport the world’s goods or harvest fields.
Here are things to know about the recent increase — and where prices might be going:
WHY HAVE OIL PRICES RISEN?
Above all, Saudi Arabia’s decision to cut back how much oil it sends to global markets has pushed prices higher.
The world’s second-largest oil supplier has slashed production by 1 million barrels a day since July and decided this month to extend the cut through the end of the year.
Russia, Saudi Arabia’s ally in the OPEC+ oil producers’ coalition, also extended its own cut of 300,000 barrels
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