Oil prices rose Monday after Saudi Arabia said it would slash output by another one million barrels per day for at least a month starting in July as part of an effort by OPEC+ producers to shore up crude prices.

At 5.30 a.m. ET, Brent crude, the global benchmark, was trading up 2.3% at nearly $78 a barrel, while WTI, the US benchmark, rose 2.4% to $73.50. Gasoline futures were up 1.5%, but the average US pump price for a gallon of regular unleaded gas was unchanged at $3.55.

The government of Saudi Arabia announced Sunday that it will voluntarily cut oil production by about 1 million barrels a day, likely sending gas prices higher this summer in the U.S.

The Gulf kingdom, the largest oil producer in the Organization of Petroleum Exporting Countries, confirmed that it will cut production from 10 million to 9 million barrels despite OPEC at large announcing it will not alter production plans for the remainder of 2023.

Saudi Arabia will cut its oil production by 1 million barrels per day in a move to boost oil prices, according to a Sunday announcement.

“This is a Saudi lollipop,” Saudi Energy Minister Prince Abdulaziz said of the decision reported in Reuters.