Saudi authorities announced the extension of a voluntary cut in oil production by 1 million bpd (barrels per day) for September, SPA news agency reported.
At the same time, in the future the production cut may be extended and increased.
The report says that this reduction comes in addition to the earlier decision to reduce production by 500 thousand barrels per day. Thus, the total volume of production cuts in September will amount to 1.5 million barrels per day.
The cuts are said to be a precautionary measure aimed at maintaining stability and balance in the oil market.
This immediately supported oil prices, which rushed down after the downgrade of the US credit rating. Brent crude oil prices exceeded the $84 per barrel mark.