FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher.

The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year.

Calling the reduction a “lollipop,” Saudi Energy Minister Abdulaziz bin Salman said at a news conference that “we wanted to ice the cake.” He said the cut could be extended and that the group “will do whatever is necessary to bring stability to this market.”

The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy.

The move provides “a price floor because the Saudis can play with the voluntary cut as much as they like,” he said.

The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and gave consumers worldwide some relief from inflation.

“Gas is not going to become cheaper,” Leon said. ”If anything, it will become marginally more expensive.”

That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead. There are concerns about economic weakness in the U.S. and Europe, while China’s rebound from COVID-19 restrictions has been less robust than many had hoped.

Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.6 million barrels per day in April. The kingdom’s share was 500,000. That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angering U.S. President Joe Biden by threatening higher gasoline prices a month before the midterm elections.

All told, OPEC+ has now dropped production on paper by 4.6 million barrels a day. But some countries can’t produce their quotas, so the actual reduction is around 3.5 million barrels per day, or over 3% of global supply.

The previous cuts gave little lasting boost to oil prices. International benchmark Brent crude climbed as high as $87 per barrel but has given up its post-cut gains and been loitering below $75 per barrel in recent days. U.S. crude has recently dipped below $70.

That has helped U.S. drivers kicking off the summer travel season, with prices at the pump averaging $3.55, down $1.02 from a year ago, according to auto club AAA. Falling energy prices also helped inflation in the 20 European countries that use the euro drop to the lowest level since before Russia invaded Ukraine.

The Saudis need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy.

The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom.

The U.S. recently replenished its Strategic Petroleum Reserve — after Biden announced the largest release from the national reserve in American history last year — in an indicator that U.S. officials may be less worried about OPEC cuts than in months past.

While oil producers like Saudi Arabia need revenue to fund their state budgets, they also have to take into account the impact of higher prices on oil-consuming countries.

Oil prices that go too high can fuel inflation, sapping consumer purchasing power and pushing central banks like the U.S. Federal Reserve toward further interest rate hikes that can slow economic growth.

The Saudi production cut and any increase to oil prices could add to the profits that are helping Russia pay for its war against Ukraine. Russia has found new oil customers in India, China and Turkey amid Western sanctions designed to limit Moscow’s crucial energy income.

However, higher crude prices risk complicating trade by the world’s No. 3 oil producer if they exceed the $60-per-barrel price cap imposed by the Group of Seven major democracies.

Russia has found ways to evade the price cap through “dark fleet” tankers, which tamper with location data or transfer oil from ship to ship to disguise its origin. But those efforts add costs.

Under the OPEC+ deal, Russian Deputy Prime Minister Alexander Novak said Moscow will extend its voluntary cut of 500,000 barrels a day through next year, according to Russian state news agency Tass.

But Russia might not be following through on its promises. Moscow’s total exports of oil and refined products such as diesel fuel rose in April to a post-invasion high of 8.3 million barrels per day, the International Energy Agency said in its April oil market report.

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AP reporter Fatima Hussein contributed from Washington.

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DUBAI, United Arab Emirates (AP) — Saudi Arabia said Monday that it “won’t bear any responsibility” for a shortage in global oil supplies after a fierce barrage of attacks by Yemen’s Houthi rebels affected production in the kingdom, the world’s largest oil exporter.

The unusually stark warning marked a departure from the giant oil producer’s typically cautious statements, as Saudi officials remain aware that even their smallest comments can swing the price of oil and rattle global markets.

The salvo of rebel attacks on Saudi Arabia’s oil facilities marked a serious escalation in the war, which erupted in 2014 when the Iran-backed Houthis seized the capital, Sanaa, and much of the country’s north. Saudi Arabia and its allies responded with a devastating air campaign to dislodge the Houthis and restore the internationally recognized government.

Seven years later, the conflict has turned into a bloody stalemate and spawned one of the worst humanitarian disasters in the world.

The state-run Saudi Press Agency quoted the Saudi Foreign Ministry as saying that the kingdom “declares that it will not bear any responsibility for any shortage in oil supplies to global markets in light of the attacks on its oil facilities.”

The announcement comes as the kingdom remains in lockstep with OPEC and other oil-producing countries in a deal limiting production increases. Gulf Arab oil producers have so far resisted pressure from the Biden administration to pump more crude to help bring down oil prices that have soared amid Russia’s war on Ukraine.

Already, gasoline prices have hit record highs around the world. Gas prices in the U.S. topped $4.25 on Monday, according to auto club AAA, just below the historic record of $4.33 reached earlier this month.

“The international community must assume its responsibility to preserve energy supplies,” the Saudi statement added, in order to deter attacks that jeopardize “the kingdom’s production capability and its ability to fulfill its commitments.”

The international oil benchmark Brent crude hovered over $112 a barrel in trading Monday, up more than 4% for the preceding session. The price remained below a peak of nearly $140 hit earlier this month, but still some $15 a barrel more than before the Russian invasion of Ukraine.

On Sunday, Yemen’s Iran-backed rebels launched one of their most intense series of attacks targeting the kingdom’s oil and natural gas production, sparking a fire at a petroleum distribution center in the port of Jiddah, the country’s second-largest city, and disrupting production at a petrochemicals complex in Yanbu on the Red Sea coast.

The overall extent of damage at the installations remained unclear. The Saudi Energy Ministry acknowledged a temporary drop in oil output at the 400,000-barrel-a-day Yanbu site, without elaborating.

The government condemned the attacks as a threat to the security of global oil supplies “in these extremely sensitive circumstances.” Even before Russian tanks rolled into Ukraine, global energy supplies were struggling to keep pace with surging post-pandemic demand. The West’s punitive sanctions on Moscow, among the world’s largest oil producers and exporters, unleashed more turmoil on the market.

The relentless wave of Houthi strikes began before dawn Sunday and sporadically pounded sites throughout the kingdom’s south and west for hours, with the roar and thump of missile interceptors rattling residents in Jiddah until just before midnight.

The attacks on installations run by the state-controlled national oil company Aramco, among the world’s most significant and valuable companies, exposed the gaps in Saudi defenses and recalled the dramatic attacks on two key oil installations in the country’s east that temporarily knocked out half of Saudi Arabia’s total oil production.

The Houthis claimed responsibility for that sophisticated attack in September 2019, which the U.S. and Riyadh later blamed on Iran. Even after shrapnel blasted through the critical Abqaiq oil processing facility, Saudi Arabia delivered no such similar warning about its responsibility for global oil supplies and swinging prices. Instead the kingdom stressed it would speedily return to normal levels of production.

After Sunday’s strikes, a senior administration official confirmed that the United States has transferred a significant number of Patriot antimissile interceptors to help Saudi Arabia thwart the barrage of Houthi drone and missile attacks.

“We condemn the weekend attacks on Saudi Arabia by the Iran-supported Houthis and will continue to help Saudi Arabia defend its territory,” tweeted U.S. Secretary of State Antony Blinken. “These are attacks against civilians, and they must end.”

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