Together, the cuts, intended as a show of unity among large exporters, could amount to more than 1 percent of global supplies, although Russia’s contribution to the reduction may be difficult to track.
The Saudis also left open the possibility of increases, saying there would be monthly reviews to consider “deepening the cut or increasing production,” in a statement carried by the Saudi Press Agency.
The Saudis, analysts say, favor a robust market for what remains their chief source of income, and appear willing to risk alienating customers, especially those in developing economies, as well as allies like the United States to achieve their aims.
The Saudis “see it as their job to keep the market tight,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm.
Prince Abdulaziz bin Salman, the Saudi oil minister, has been the public face of this more aggressive policy.