Saudi Arabia’s foreign reserves fell by $16 billion in July, according to the Saudi Central Bank (SAMA) data.

Net foreign assets fell to SAR 1.53 trillion ($407 billion) after increases reported in May and June, according to the central bank’s monthly report published on Monday.

This is the sharpest decline reported since 2009, according to Bloomberg, following Saudi Arabia slashing oil production in a bid to bolster prices.

Earlier this month, the kingdom said it would extend a voluntary oil output cut of one million barrels per day for another month to include September, adding it could be extended beyond that. 

Saudi Arabia’s production for September will be around 9 million barrels per day, SPA reported.

(Writing by Bindu Rai, editing by Seban Scaria)