Cuts in oil production by Russia and Saudi Arabia are not having a major impact on global oil prices, which remain stalled out.

Both countries announced extended cuts in their production in an effort to raise oil prices, but the cost of crude oil instead dropped 1% on Monday, according to the Agence France-Presse.

Nevertheless, Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that his country's partnership with Russia remains strong in a press conference earlier this week.

"Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter," Abdulaziz said of the oil cuts.

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"It is quite telling seeing us on Monday coming out with not only our extension ... but also with validation from the Russian side," he added.

Western observers were concerned that further cuts from Russia and Saudi Arabia could cause oil prices to spike across the globe.

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Members of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions typically having a dramatic effect on global prices.

President Biden's administration has sought to push Russia and the Saudis to increase their oil production, but has found no success.

The U.S. and Western countries argue that OPEC policies have sent energy prices soaring and that Saudi Arabia has taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.