Following announcements from OPEC+ members Saudi Arabia and Russia that they would be prolonging curbs on oil production, major global oil benchmarks have hit their highest levels since mid-April.

Brent crude has settled at more than $86 per barrel, as US West Texas Intermediate (WTI) crude is now at just under $83 per barrel.

On Thursday, the largest oil exporter in the world, Saudi Arabia, announced it would extent cuts to oil production it had enacted to support prices, for an additional month, through September. After the Kingdom’s voluntary production cut of 1 million barrels per day (bpd), September’s production from Saudi Arabia will sit at about 9 million barrels per day. Riyadh added in its statement, that it reserved the right to extend or deepen the cuts.

Following Riyadh’s statement, Russia announced it would reduce its production output as well, cutting exports by about 300,000 barrels per day, beginning from September. This reduction was on top of a previously announced 5% cut in production by the world’s second-largest oil producer, of 500,000 barrels per day, which it had pledged to maintain from March, through the end of the year.

OPEC+, a coalition of the Organization of the Petroleum Exporting Countries and allied oil producers, including Russia, had previously agreed to a cut in production amounting to roughly 2% of world demand, beginning last November, and running until the end of 2023. The group later agreed to additional curbs, as prices continued to decline, in an effort to stabilize the market.