Saudi Arabia and Russia, two of the world's biggest oil exporters, have decided to extend their cuts in their oil supplies through the end of the year.

The announcements were made separately on Tuesday by Saudi Arabia's state news agency and Russian Deputy Prime Minister Alexander Novak. The news helped to push the WTI crude benchmark in the US at one point to more than 88 dollars per barrel.

Since July, the Saudis have cut production by 1 million barrels a day. The Russians have also gradually reduced their output and say they will cut exports by 300,000 barrels a day.

The war in Ukraine and record inflation have driven a surge in gasoline prices. That has impacted people and businesses around the world. Both countries say, however, that their extensions are aimed at supporting "stability and balance" in the oil markets.

US President Joe Biden has been critical of past cuts. He has warned the Saudis there would be "consequences" for teaming up with the Russians. Surging oil prices could also help Russia fund its war in Ukraine.

The rising costs have already had a big impact on the economies of countries including Japan, where prices have surged to the highest in over a decade.