Saudi Arabia has announced it will extend its voluntary output cut for another month to August. The measure, aimed at supporting the falling price of crude oil, was to end at the end of July.

Last month, Saudi Arabia announced a unilateral output cut of a million barrels a day. Much of its state revenue relies on oil.

Saudi Arabia leads the Organization of Petroleum Exporting Countries, or OPEC. A meeting last month of OPEC members and Russia and other non-OPEC oil producing nations failed to arrive at an agreement on production cuts for the entire group. The unilateral output cut by Saudi Arabia was announced during the meeting.

However, crude oil prices have not risen significantly, even after the announcement.

Meanwhile, Russian Deputy Prime Minister Alexander Novak announced on Monday that Russia will reduce its daily crude exports by 500,000 barrels during the month of August.

Saudi Arabia criticizes Russia for not reducing further, saying that Moscow needs oil revenue to pay for the snowballing costs of its invasion of Ukraine. Moscow's move may be meant to spurn such criticisms.