Oil production cuts announced by Russia and other major producers are “in the interests” of the global market, the Kremlin said after prices on the black gold market jumped on Monday morning, AFP reported.

“It is in the interests of world energy to maintain world oil prices at a fair level,” Russian presidential spokesman Dmytro Peskov told the press.

“Whether other countries will be satisfied or not is their business,” he added.

Russia said on Sunday it would continue to cut crude oil production by 500,000 barrels per day (bpd) until the end of the year, which various experts see as a way to boost prices and counter the impact of international sanctions.

Russian Deputy Prime Minister for Energy Oleksandr Novak justified such a measure with a period of “high volatility” and “uncertainty” on the black gold market. “The predictability of the global oil market is a key element of ensuring energy security,” he said, according to a press release.

Russia’s announcement was made along with statements by Saudi Arabia, Iraq, the United Arab Emirates, Oman, Kuwait, Algeria and Kazakhstan.

Saudi Arabia will cut production by 500 thousand barrels per day, Iraq by 211 thousand barrels per day, the United Arab Emirates by 144 thousand barrels per day, Kuwait by 128 thousand barrels per day, Kazakhstan by 78 thousand barrels per day, Algeria – 48 thousand barrels per day, Oman – 40 thousand barrels per day.

Those cuts, which will take place from May until the end of 2023, pushed oil prices higher on Monday morning, with North Sea Brent nearing $84 and West Texas Intermediate (WTI) around $80 at around 10:30 GMT (13:30 in Romania).

That’s good news for Russia’s finances, whose federal spending has risen sharply in recent months because of the “special forces operation” in Ukraine.

According to the International Energy Agency (IEA), in February due to sanctions, Moscow’s oil revenues fell by 42% (yearly).