Russia announced on Monday that it will be cutting its oil production significantly, a move that comes at a time when Saudi Arabia is also restricting its oil output, according to Reuters.
Russian officials declared Monday that they will cut production by 500,000 barrels per day in August, while Saudi Arabian officials have committed to extending their reduction of 1 million barrels per day through at least August, according to Reuters. Monday’s cuts bring the total voluntary cuts announced by the Organization of Petroleum Exporting Countries (OPEC+) to more than 5 million barrels per day, according to Reuters.