Representatives from five OPEC and non-OPEC countries on Sunday held their inaugural joint meeting in Vienna and agreed measures to monitor output cuts.
The Organization of Petroleum Exporting Countries (OPEC) has reached a deal among all 14 member countries to curtail oil production for the first time since 2008, the oil-producing cartel announced from its headquarters in Vienna on Wednesday.
The OPEC on Wednesday decided to cut its oil output by 1.2 million barrels per day, setting the ceiling of oil production at 32.5 million barrels per day (bpd).
Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, as it wants to focus on having consensus within the organization first.
Oil trading was static early on Friday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity after the U.S. Thanksgiving holiday kept traders from taking big new positions.
OPEC discussed with non-OPEC producers on Saturday in Vienna over a potential crude output cut.
It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets.
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
Algeria and several OPEC members express hopes that an informal meeting of the cartel here could pave the way for OPEC and non-OPEC members to freeze oil outputs, but oil prices won't recover immediately according to an expert.
Oil prices ended lower on Friday as investors were sifting through the downbeat U.S. jobs data and the outcome of an OPEC (Organization of the Petroleum Exporting Countries) meeting.
Oil prices fluctuate Tuesday after a series of explosions in Brussels, Belgium.
OPEC on Friday did not set a new oil output ceiling, with major oil producers reluctant to cut the supply.
Oil prices gained Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) warned that prices may jump to 200 dollars a barrel in future without sufficient investment in production.
Oil prices fluctuated around the five-year low Tuesday as there was no sign that producer would cut production in response to the slump.
Oil prices fell Thursday as traders worried that global crude supply might surpass demand.
The ministers of the Organization of Petroleum Exporting Countries (OPEC) decided here on Thursday to maintain its output level despite crude oil price fell to a four-year low level, a statement released after the OPEC conference said.