Russia and Saudi Arabia cannot raise oil prices. This is a blow for Exxon.

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Oil prices held steady on Thursday as worries about energy demand weighed against recent promises from Russia and Saudi Arabia to cut production.

Brent, the international standard, fell 0.1% to $76.56 a barrel. West Texas Intermediate, the US benchmark, rose 0.1% to $71.81 a barrel. Both contracts are down more than 10% this year.

Saudi Arabia and Russia, two of the world’s biggest crude producers, tried to boost prices earlier this week by announcing an extension of their voluntary production cuts. This is in addition to other pledges by the Organization of the Petroleum Exporting Countries to reduce global oil supply.

It did not work. Concerns about weakening energy demand were bolstered on Wednesday by data showing China’s services sector grew at the slowest pace in five months in June.

Lower oil prices this year will impact oil companies after reporting record profits in 2022.

Exxon Mobil

(ticker: XOM) issued a filing on Wednesday warning that second-quarter earnings fell sharply — they will hit around $7.8 billion, from nearly $18 billion in the same period last year. It publishes the official results on July 28.

Write to Brian Swint at brian.swint@barrons.com