Oil prices climbed sharply on Monday after Saudi Arabia, the world’s top exporter, pledged over the weekend additional production cuts from July, likely tightening the market further in the second half of the year.

The Saudis announced on Sunday its output would drop to 9 million barrels per day next month, a cut of around one million barrels a day from its production levels in May. The kingdom’s energy minister also noted that the cut could be extended.

Meanwhile, the Organization of the Petroleum Exporting Countries and their allies, including Russia, agreed at a weekend meeting to bring down its overall production goals by 1.4 million barrels per day from January 2024.

The group, known as OPEC+, has been attempting to give additional support to oil prices, which have been slipping in recent months due to concerns over slowing global growth and sluggish demand.

By 05:03 ET (09:03 GMT), U.S. crude futures traded 2.26% higher at $73.36 a barrel, while the Brent contract added 2.15% to $77.77 per barrel.