EghtesadOnline: OPEC’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, Saudi Energy Minister Khalid Al-Falih said after talks with his Iraqi counterpart Jabbar al-Luaibi, according to the kingdom’s state news agency SPA.

EghtesadOnline: OPEC crude production rose in May led by gains from Libya and Nigeria, countries that are exempt from the deal to cut output in a bid to revive oil prices.

EghtesadOnline: Russian President Vladimir Putin said he agreed with Saudi Crown Prince Mohammed bin Salman to extend the OPEC+ deal at current production levels for the rest of this year and potentially into early 2020.

EghtesadOnline: As the US ends waivers that let countries buy Iranian crude, this threatens to squeeze oil supplies in an already tight market.

EghtesadOnline: Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain.

EghtesadOnline: Iran continues to adhere to a global agreement to scale back crude oil production as OPEC data on Monday showed further cuts in the country's monthly oil output.

EghtesadOnline: The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.

EghtesadOnline: Kuwait's oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible.