Saudi Arabia announced on Thursday that it will extend its voluntary production cut of 1 million barrels of oil per day through the end of September.

The move follows the decision by the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC Plus, not to increase output cuts in a meeting in June. The group agreed to maintain its current output reduction framework until the end of 2024.

In the meeting, Saudi Arabia said it would cut oil output in July by 1 million barrels per day. It later extended the reduction until the end of August.

Saudi Arabia's Ministry of Energy said on Thursday the voluntary output cut will continue in September. The ministry also indicated that the reduction could be extended or increased.

Saudi Arabia's move is apparently aimed at supporting oil prices.

On the New York crude oil exchange, benchmark WTI futures fell below 70 dollars a barrel at one point in the first half of this year. But they have been rising since Saudi Arabia began its output cut in July. After Saudi Arabia's announcement on Thursday, WTI futures temporarily rose above 81 dollars.

Japan's Chief Cabinet Secretary Matsuno Hirokazu said the government is closely watching how changes in global energy markets and rising prices might affect the domestic economy.
He said Japan will work with international energy agencies and major oil importers to point out to oil producers the importance of dialogue. He said Japan plans to invest in boosting production to help keep global crude oil markets stable.

Matsuno said the government has taken steps to ease the impact of surging gasoline prices on people's livelihoods and the economy. He said that the government will monitor crude oil prices to decide on measures from October and onwards.