OPEC+ has announced a cut in oil production that will surpass 1 million barrels a day, conflicting with prior reports that “​​it would hold supply steady to maintain a stable market,” Fortune reports.

Saudi Arabia first proposed a 500,000 barrel-a-day cut, followed by Kuwait, the United Arabia Emirates, and Algeria. Russia plans to continue its production cuts through the end of 2023. Altogether, it results in a cut of “about 1.1 million barrels a day starting next month.”

This is on top of supply looking bleak for “the latter part of the year,” with oil experiencing a “15-month low last month” as a result of the Silicon Valley bank’s collapse. Prices helped compensate for the losses “as the banking crisis showed signs of stabilizing,” with Brent crude up 14% from March and reaching $80 a barrel this past weekend.

This past Friday, delegates with the Organization of Petroleum Exporting Countries “had been indicating privately” that changes to production limits were not likely to be implemented.