Saudi Arabia’s state-owned Saudi Press Agency announced July cuts of 1 million barrels will extend into August, producing about 9 million barrels a day through the month.

Russian Deputy Prime Minister Alexander Novak, meanwhile, said Monday that “[w]ithin the efforts to ensure the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day by cutting its exports by that quantity to global markets.” It’s unclear, however, whether the cut will result in reduced production or only reduced exports.

Much of the West, including the U.S., have sought to hamper Russian oil imports since the country invaded Ukraine in 2022, including de facto price caps on sea-borne Russian oil.

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Read more in a full report at TheHill.com.

Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. We’re off tomorrow but we’ll be back on Wednesday. Happy 4th of July!