Saudi Arabia and Russia cut oil supply again in bid to boost prices

The Khurais oil field near Riyadh, Saudi Arabia (Amr Nabil/AP)

Saudi Arabia and Russia are extending cuts to the amount of oil they pump to the world in a bid to prop up prices, showing how two of the world’s largest oil producers are scrambling to boost income from the fossil fuel even as demand has weakened with the economy.

The decision gave a slight boost to oil prices on Monday and comes after the Saudis announced a large cut in output for July at the latest meeting of the Opec+ coalition of oil producers — raising concerns that petrol prices could start increasing again.