An oil facility in Russia (Photo: TASS/VNA)

The Energy Minister, Prince Abdulaziz bin Salman, said the cuts could potentially be extended.

Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow will cut its oil exports by 500,000 barrels per day in August.

Russia, the world's second largest oil exporter after Saudi Arabia, has already pledged to reduce its output by 500,000 barrels per day to 9.5 million bpd until the end of the year.

At a meeting in Vienna last month, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to adjust their production output to 40.46 million barrels per day by 2024.

OPEC+ said this change aligns with their intention to create a stable oil market and establish a long-term market direction.