Oil prices rose on Monday, as Saudi Arabia’s voluntary 1 million barrel per day production cuts, which announced in January, took effect. The start of the Saudi production cuts comes amid strong compliance from OPEC+ as a whole, according to S&P Global Platts. In addition, Russia reportedly plans to cut its crude exports by almost 20% to a three-month low in February. Limiting the rise were delays in COVID-19 vaccine rollouts as well as stricter lockdowns and new restrictions in some countries. Ahead of the Lunar New Year festivals in mid-February China has imposed robust curbs to contain a resurgence of virus cases in the country’s northeastern. Traders now await OPEC Joint Ministerial Monitoring Committee later in the week for fresh guidance on supply outlook. At around 07:15 AM GMT, WTI crude rose 0.3% to $52.36 a barrel while Brent oil gained 0.5% to $55.32 a barrel.