Saudi Arabia, Russia and other major oil-producing nations announced they would further slash production next year in an effort to prop up volatile prices.
Following the virtual meeting of OPEC+ ministers, Riyadh announced it would extend its voluntary oil production cut of one million barrels per day until March 2024.
Moscow says it would slash oil exports by 500,000 barrels a day up from 300,000 barrels a day so far until March, following the tough talks.
Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will also make smaller cuts, OPEC said in a statement.