Saudi Arabia extends cut of 1 million barrels of oil a day through Sept to boost flagging energy prices

Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year

Dubai: Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices.

The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year.

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The kingdom announced the extension in a statement on the state-run Saudi Press Agency.

The move was widely expected by analysts.

Benchmark Brent crude traded Thursday over $80 a barrel.