According to analysts, crude oil prices could even touch $100 a barrel in the next few weeks. Crude oil was trading at $82 a barrel (bbl) in January, after falling to $70 a bbl in June.
Overall, exports in August 2023 stood at $60.87 billion as against $63.52 billion in the same month previous year.
The supply cut by Saudi Arabia and Russia is being compensated by the supply from non-OPEC countries such as the US, Iran and Brazil.
The countries' moves could increase inflation and the cost for motorists at gasoline pumps. Saudi Arabia said it will continue to monitor the market and could take further action if necessary.
Perhaps the largest beneficiary will be the heavily sanctioned Iran, which can now access BRICS markets. Many are already speaking of a BRICS + OPEC alliance.
This year's record-breaking summer heat has also had an impact, driving up demand for air conditioning and forcing refineries to operate at reduced capacity.
Analysts had largely expected OPEC+ producers to maintain their current policy, but signs emerged this weekend that the 23 countries may make deeper cuts.