The move comes on the back of Russia’s decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country’s Deputy Prime Minister Alexander Novak.

In addition to Saudi Arabia’s output cut of 500,000 barrels per day, other member states have also pledged cuts: the UAE will be cutting output by 144,000 barrels per day, while Kuwait, Oman, Iraq, Algeria and Kazakhstan will also be reducing output.

“The selected involvement of the largest OPEC+ members suggest that adherence to production cuts may be stronger than has been the case in the past,” Commonwealth Bank of Australia’s Vivek Dhar said in a note.