Investing.com – Saudi Arabia announced it will extend its voluntary oil production cut of 1 million barrels per day in August for another month.

Meanwhile, Russian Deputy Prime Minister Alexander Novak announced in August that Russia would reduce oil supplies by 500,000 barrels per day by cutting its exports to world markets by this much.

The Russian comments come shortly after Saudi Arabia, Russia’s main ally in the OPEC+ group, announced an extension of voluntary production cuts.

Although Monday’s report was related to exports, Russia pledged earlier this year to cut oil production by 500,000 barrels per day from its February baseline and maintain that level until 2024.

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Saudi production

Saudi production cuts of 1 million barrels per day that began this month – on top of current curbs agreed by OPEC+ – will last until August and could be extended further, according to a report by the state-run Saudi Press Agency.

The cuts would lift the kingdom’s output to about 9 million barrels a day, the lowest level in years.

Saudi Arabia surprised distributors in the global oil market in June when it announced it would cut its oil production by one million barrels per day, Bloomberg reported on Friday. Determined by OPEC Plus member countries. The decision to cut production will be implemented in July, with the possibility of extending the cut until August, which was announced earlier.

It was widely expected to rise this year, but rising interest rates have eased concerns about the economy’s strength. Supply is expected to contract further in the second half, but experts on Wall Street, including Goldman Sachs (NYSE: ) and Morgan Stanley, have abandoned expectations that crude oil will return to 100 a barrel.

Now the price of oil

Brent crude is now up 1.55% at $76.58 a barrel.

Texas crude rose 1.5% to $71.68 a barrel.

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