Saudi Arabia announced on Thursday they'd be extending their output cut:

ICYMI, Russian Deputy Prime Minister Alexander Novak jumped on the bandwagon:

  • "Within the efforts to ensure the oil market remains balanced, Russia will continue to voluntarily reduce its oil supply in the month of September, now by 300,000 barrels per day, by cutting its exports by that quantity to global markets,"

Russia had already committed to cutting its oil output by around 500,000 bpd from March until year-end.

Oil price update:

oil chart price update 04 August 2023