DUBAI -Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving. Riyadh says it aims to stabilize the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Its announcement on Tuesday sent oil prices above $90 for the first time this year, but they are below average prices of around $100 a barrel last year in the wake of Russia's invasion of Ukraine. Declining oil production and revenue this year could see Saudi Arabia'seconomyshrink for the first time since 2020 at the height of the...Keep on reading: Oil cut extension raises risk of Saudi economic contraction this year