Saudi Arabia announced that it will be deepening its oil cuts for July, pushing the prices up despite concerns over a global economic slowdown and possible further interest rate increases from the U.S. Federal Reserve, Reuters reported.

Saudi Arabia said it would extend its voluntary oil output cut of one million barrels per day (bbl/d) for another month to include August, adding that the cut could be extended beyond that month.

Following this announcement, Russian Deputy Prime Minister Alexander Novak announced that his country  would cut its oil exports by 500,000 barrels per day in August.

This bring the total amount of oil cuts to 1.5% of global supply and the total pledged by OPEC+ becomes 5.16 million bbl/d, according to Reuters.