On Sunday, Saudi Arabia announced that it will reduce its oil output by one million barrels per day (bpd) in July, Al Jazeera reports.
The cut will lower Saudi production to 9 million bpd, down from 10.5 million bpd, according to Forbes.
The move comes after two earlier production cuts by OPEC+ oil producers failed to push prices higher.
The rest of the OPEC+ oil producers agreed to extend earlier cuts in supply through the end of 2024.
