After a key meeting in Abu Dhabi on Thursday, OPEC and its allies have agreed to maintain their current production cuts until further review in December.
Saudi Arabia has pledge to further strengthen its voluntary production adjustment to 9.89 million barrels per day in October while Iraq and Nigeria have also announced further cuts.
Meanwhile Suhail Al Mazrouei, the UAE's Minister of Energy and Industry, affirmed that the emirates will keep production levels that achieve market balance.
He also reiterated the country's full support for all measures that would help stabilise and balance the global oil market.
Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman co-chaired the meeting along with the Russian Energy Minister Alexander Novak.
Nakheel unveils new sustainable community beside Palm Jebel Ali
Dubai showcases latest innovations in electric, smart mobility
US sues Lyft, alleges discrimination against disabled riders
ADNOC Distribution reports $791 million net profit in first 9 months
Tesla to pull the plug on Cybertruck after years of poor sales
