The cut of 1 million barrels per day, which began in July, was announced through the state-run Saudi Press Agency.


The cuts are expected to be reviewed each month, and could be increased or decreased, the agency said.


Russia, meanwhile, will also extend an oil cut of 300,000 barrels per day, according to state-owned news outlet TASS.


Crude oil prices jumped on Tuesday, with international benchmark Brent Crude closing over $90 per barrel for the first time this year.


In a written update on oil markets, Rystad Energy’s senior vice president of oil market research Jorge Leon, said the impact of these cuts on inflation and economic policy in the West is “hard to predict.”


However, he said, “higher oil prices will only increase the likelihood of more fiscal tightening, especially in the US, to curtail inflation.”


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