The price of oil in the world increases due to the decrease in the amount of production
Oil prices rose on Monday after Saudi Arabia said it would cut output by one million barrels per day through July.
From the 10 million barrels per day it produced in May, it will now produce 9 million barrels.
Other members of the group of oil-producing countries, OPEC+, have agreed to cut production to stabilize prices.
OPEC+ countries own nearly 40 percent of crude oil, and their decisions can have a big impact on oil prices.
On Monday in Asia, the price of Brent crude oil rose by 2.4 percent, and a barrel was sold for $77.
OPEC+ has said it aims to cut production to 1.4 million barrels per day from 2024.
The decision was taken after a seven-hour meeting on Sunday.
Oil prices have risen since Russia launched the war in Ukraine last year, but are now at pre-conflict levels.