OPEC ministers in Vienna have agreed on oil production levels for their countries and crude-producing nations cooperating with the cartel.
After a tense few days, producers jointly decided to start pumping more, so that nations would no longer overshoot the target that was set in November 2016. The group agreed to keep 1.2 million barrels per day (bpd) off the market, but on Friday, OPEC stated that they would be cutting output well beyond that mark.
Earlier, Iran’s oil minister, Bijan Zanganeh, told CNBC that more work is needed on a compromise deal, but OPEC was not meeting in order to receive instruction from President Donald Trump.
Oil prices have risen sharply during the course of the session, posting gains of more than 2 percent in afternoon trade. At Europe’s market close, Brent crude stood around $74.57 per barrel, while U.S. crude shot up, trading around $68 per barrel.