The state news agency of Saudi Arabia reported that the kingdom will extend its voluntary reduction in oil production by one million barrels per day until the end of June 2024. Daily production will be nine million barrels.

Other states within the OPEC+ group also supported this production limitation.

Russia will reduce production by 500,000 barrels per day, the United Arab Emirates by 144,000 barrels, Iraq by 211,000 barrels, and Kuwait by 128,000 barrels.

CNBC notes that despite production restrictions, oil prices have fluctuated between $75 and $85 per barrel since the beginning of the year.

This is despite attempts by the Houthis to disrupt the Suez Canal route and the risk of escalating conflict between Israel and Hamas.