The agreement, which was reached by the countries’ oil ministers at a meeting in Doha, Qatar, will be communicated to other members of the Organization of the Petroleum Exporting Countries soon, officials said.
The ministers are trying to stabilize oil prices that have plunged to their lowest levels in more than a decade as supplies outstrip demand, the Wall Street Journal reported.
Oil prices, which had traded more than 5% higher earlier in the session, lost ground after news of the agreement emerged, with Brent crude up 1.5% and WTI 2.5% higher in midmorning European trading.
Venezuela’s oil minister will meet with counterparts from Iraq and Iran, which have both been increasing production, in Tehran on Wednesday.