Saudi Arabia said on Tuesday it was ready to take further measures together with OPEC+ members and other producers to achieve stability in the oil market.
“The Kingdom is fully committed, along with Russia, to implement … production cuts over the coming two years,” the cabinet said in a statement on Tuesday
The statement was made following a meeting chaired by Saudi King Salman.
Saudi Arabia and Russia would continue to closely monitor the situation in the oil market, the statement added.
On Monday, United States crude oil prices plummeted to their lowest levels ever, as contracts settled deep into negative territory for the first time amid shortages in storage capacity and a collapse in demand due to the coronavirus pandemic.
Earlier in April, OPEC+ countries – an expanded format of the Organisation of Petroleum Exporting Countries, OPEC, agreed on a deal to cut production by 9.7 million barrels per day for May and June,
It however failed to buoy prices back to their previous levels.