Saudi Arabia announced on Monday its decision to extend the voluntary cut in oil production by one million barrels per day.

The voluntary cut that was planned for July will now also cover August, the Ministry of Energy said, adding that further extensions are possible.

The kingdom would produce approximately nine million barrels of oil per day in August, the ministry said.

The extension of the voluntary cut aims to reinforce OPEC plus countries' efforts to stabilize the oil markets, it noted.

OPEC plus countries refer to members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.