OPEC & non-OPEC producers agree to curb oil output

Opec and other non Opec producers due to meet in the Russian city of Saint Petersburg on Monday

Saudi Arabia is heavily dependent on oil for income and has been suffering since oil prices crashed from more than $100 a barrel in 2014.

Sharples noted that both Nigeria and Libya have signaled they are not opposed to capping their production at a certain level, over 1 million bpd for both.

Ministers discussed their previous agreement to cut production 1.8 million bpd from January 2017 through March 2018.

Prices fell below below $50 (44 euros) per barrel recently due to higher production in the United States, which was not part of the deal - and also some countries' lack of discipline in enforcing cuts, for example Nigeria.

He said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.

Russian energy minister Alexander Novak complained that "some countries are not yet fully implementing" the cuts.

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In December 2016, members and non-members of the Organization of Petroleum Exporting Countries agreed to put a cap on oil production to reduce the oil supply glut in the global market.

Oil futures have given up all the gains posted in advance of last week's agreement between OPEC and non-OPEC producers to extend a production cut for a further nine months.

(OPEC) and other producers including Russian Federation that are locked in a battle against rising shale production in their efforts to boost prices.

"A high oil price could derail essential economic reform programmes needed to diversify oil-based economies of key Opec members", while a collapse could risk economic stability altogether.

They dropped $1.34, or 2.7 percent, in the previous session to settle at $48.32 per barrel, the lowest close since May 12. The basket that makes up the OPEC benchmark for crude oil prices was down 1 percent early Monday to $46.99 per barrel. That is what happened after last year's OPEC deal, and the flood of new oil from the U.S.is one reason oil prices remain depressed. But if this is representative of how such export cuts will be calculated, then price hikes will depend on increased demand.

Reuters quoted secretary general Mohammed Barkindo as saying that although so far progress with the rebalancing of global oil supply has been slow, it should pick up in the second half of the year.

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