The OPEC+ meeting was held on Sunday to discuss the prospects for oil production by the organization’s member countries.

Saudi Arabia announced a production cut of 1 million barrels a day in July.

The country may deepen its production cuts if future Brent crude oil prices fall below $70 a barrel.

Saudi Arabia could extend its July production cut by more than 1 million barrels a day if Brent crude futures fall below $70 a barrel.

Saudi Arabia could extend its July production cut if Brent crude futures remain in the $70-75 a barrel range.

After a crucial meeting of oil producers on Sunday, Saudi Arabia’s energy minister announced that the kingdom plans to begin cutting oil production by 1 million barrels a day starting in July.

This means that oil production in the Kingdom will be reduced to 9 million barrels per day from about 10 million barrels in May.

Oil prices rose 2 percent on Monday following the announcement of the production cut.

Brent crude futures rose 2.4 percent to $78 a barrel in early Monday trading, and West Texas Intermediate U.S. crude futures rose 2.5 percent to $73.53 a barrel. Brent crude futures were down slightly, trading at just under $78 a barrel, according to the latest data. WTI crude futures were up almost 5% early Monday before declining.

Brent futures are expected to rise to $85 a barrel by the fourth quarter of 2023 “even with a weak demand recovery in China.”