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According to an official source cited by Saudi Arabia’s state news agency, the country will carry on its voluntary oil production cut of one million barrels per day for another month into August. The extension could continue beyond next month, the Gulf state said.
Meanwhile, Russian deputy prime minister Alexander Novak stated that Moscow will slash oil exports by 500,000 barrels a day next month.
The combined cuts account for 1.5% of global supply and raise the total promised by the Organization of the Petroleum Exporting Countries and its allies to 5.16M barrels a day.
As of 09:57 ET (13:57 GMT), oil prices had retreated from earlier gains as the prospect of tightening supplies was partly offset by concerns over how further potential Federal Reserve interest rate increases could impact demand.
Shares in Exxon Mobil Corp (NYSE:XOM) and Phillips 66 (NYSE:PSX) edged higher in the wake of the announcements. However, peer Chevron Corp (NYSE:CVX) saw its stock dip slightly.
