Saudi Arabia, Russia deepen oil cuts

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday. Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day for another month to include August, adding that the cut could be extended beyond that month.

Shortly after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said Moscow would cut its oil exports by 500,000 barrels per day in August. The cuts amount to 1.5 percent of global supply.