At a video conference on Saturday, they agreed to continue cutting 9.7 million barrels (bpd) a day by the end of July. OPEC+ had initially agreed in April that it will cut supply by 9.7 million bpd during May-June to prop up prices. Those cuts were due to taper to 7.7 million bpd from July to December.

OPEC leader Saudi Arabia and non-OPEC Russia agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, according to Reuters.