The producers agreed to take out 1.1 million barrels of oil per day
Saudi Arabia and other OPEC+ producers have announced further oil output cuts.
The producers agreed to take out approximately 1.1 million barrels of oil per day, in order to raise the price of the commodity.
The development comes a day before a virtual meeting of the OPEC+ ministerial panel, which had been expected to stick to the original plan of cuts already in place.
Last month, oil fell to $70/barrel, its lowest level in 15 months.
This was due to the global banking crisis, and concerns the saga would hit demand.
