RIYADH, Aug 3, 2023 (BSS/AFP) - Saudi Arabia announced Thursday it is extending a voluntary oil production cut of one million barrels per day for another month, keeping up its campaign to prop up prices. 

"Saudi Arabia will extend the voluntary cut of one million barrels per day... for another month to include the month of September," the energy ministry said in a statement.

The cut, which first took effect for July, could be further prolonged or even deepened, the energy ministry added.

The move leaves daily production by the world's biggest crude exporter at approximately nine million bpd. 

The "voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets," the energy ministry said.

Announcing the cut following a June meeting of the 23-nation OPEC+ alliance, which also includes Russia, Saudi Energy Minister Prince Abdulaziz bin Salman noted that it was potentially "extendable". 

It followed a decision in April by several OPEC+ members to slash production voluntarily by more than one million bpd -- a surprise move that briefly buttressed prices but failed to bring about lasting recovery. 

Oil producers are grappling with falling prices and high market volatility, reflecting continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.