Saudi Arabia has dismissed any discord with Russia, praising their coordinated efforts to remove barrels from the market and boost oil prices. Riyadh has extended its production reduction of one million barrels per day to August, while Russia has decided to slash exports by 500,000 barrels per day in August. Saudi Energy Minister Prince Abdulaziz bin Salman said the announcement was "quite telling" and aimed to mitigate speculation about tensions between the two countries. However, the recent production cuts have failed to increase international oil prices, with Brent crude trading at around $75 per barrel.

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