US President Donald Trump announced on Monday that the largest oil exporter in the world is studying the possibility of reducing production by 20 million barrels per day, according to an agreement designed to boost prices.
Trump, who brokered the deal, said the agreement was greater than expected and would help revive the energy sector from the effects of the Covid-19 epidemic.
"After I participated in the negotiations, I say that OPEC and its partners are looking to reduce 20 million barrels per day, and not 10 million as it was reported," he added.
"And thank you to everyone who worked with me for putting this very large sector back on track, especially Russia and Saudi Arabia."
Oil prices were hit hard by the slowdown in the global economy as a result of the Covid-19 epidemic, and the price war between Saudi Arabia and Russia.
Major oil-exporting countries reached an agreement on Friday, and Trump said he would help Mexico, which has resisted production cuts, achieve its goals under the agreement.
And the OPEC oil exporting countries led by Saudi Arabia, and its partners led by Russia, held a second video conference on Sunday to ratify the agreement.
Oil prices rose in Asia´s trading on Monday, but they fell back when markets closed, due to fears from dealers that the production cut agreement would not be sufficient to support prices and offset the decline in demand.
