Saudi Arabia has announced that it will cut oil production by 500,000 barrels per day from May until the end of 2023. This move is expected to increase oil prices worldwide, which could help fill the coffers of Russian President Vladimir Putin as his country wages war on Ukraine. However, it is also likely to lead to higher prices at the pump for Americans and other consumers, amid inflation fueled in part by the ongoing conflict. The cuts come in addition to a reduction announced last October that had already infuriated the Biden administration. The Saudi Energy Ministry said the cuts would be made in coordination with some OPEC and non-OPEC members, but did not name them. The move is described as a "precautionary measure" aimed at stabilizing the oil market, and represents less than 5% of Saudi Arabia's average production of 11.5 million barrels per day in 2022. Since the earlier cuts, oil prices have actually trended down, with Brent crude trading at around $80 a barrel at the end of last week, down from around $95 a barrel in early October when the previous cuts were agreed. Saudi Arabia's state-run oil giant Aramco recently announced record profits of $161 billion from last year, and hopes to boost production to 13 million barrels a day by 2027. The U.S.-Saudi alliance has come under growing strain in recent years, following the killing of Saudi dissident Jamal Khashoggi and Saudi Arabia's war with Iran-backed Houthi rebels in Yemen.