The moves were the latest attempts by major producers to stabilise markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.
RIYADH - Saudi Arabia said on Monday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.
"The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," SPA said.Also on Monday, Russia unveiled its export cut of 500,000 bpd for August "as part of efforts to ensure that the oil market remains balanced".
Since the beginning of large-scale hostilities in Ukraine last February, Moscow has pivoted energy exports from Europe to India and China.The initial market reaction to Monday's announcements by Riyadh and Moscow was muted. Brent is down 11% since the beginning of the year and WTI is down 7%, as a sluggish recovery in China and worries about the US economy weigh on demand forecasts.
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