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Saudi Energy Minister Abdulaziz bin Salman said that his country’s cut of one million bpd could be extended beyond July if needed, in what he said is a bid to stabilize the market.
Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices.
The seven hour-long meeting on Sunday of the oil-rich nations came against a backdrop of falling energy prices.
OPEC accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
