On Thursday, Saudi Arabia declared an extension of its voluntary oil production cut of one million barrels per day for an additional month, continuing its efforts to support and stabilize prices.

"Saudi Arabia will extend the voluntary cut of one million barrels per day... for another month to include the month of September," the Energy Ministry said in a statement.

It added that the cut, initially implemented in July, could be extended or increased even further, leaving Saudi's daily production at approximately nine million bpd. 

The Energy Ministry stated that the "voluntary cut comes as a reinforcement of the precautionary measures taken by OPEC Plus nations to support oil market stability and balance."

The cut was announced after a June meeting of the 23-nation OPEC+ alliance, including Russia, with Saudi Energy Minister Prince Abdulaziz bin Salman mentioning its potential for extension.

This decision followed a move in April when several OPEC+ members voluntarily reduced production by over one million bpd, briefly bolstering prices but not resulting in a lasting recovery.

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Washington has been planning on replenishing the US Strategic Petroleum Reserve SPR while aiming at lower oil prices during this year if it is "advantageous to taxpayers," US Energy Secretary Jennifer Granholm stated back in April.

Biden's administration planned on refilling the reserves when oil prices were between $67-$72 a barrel, which was reached back in March, but as soon as the mark hit the desired price, OPEC+ announced a surprise further production cut, sending prices $5 higher per barrel.