Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices, Paralel.Az reports quoting NDTV.

An energy ministry source announced Riyadh "will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024," the official Saudi Press Agency (SPA) reported.

"Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions."

The decision was taken "in coordination with some OPEC+ participating countries", the SPA story said, referring to the 23-member bloc that Riyadh co-leads with Moscow.