Prices rally as top producers say they would turn taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen amid Covid-19 pandemic.
Primarily dependent on oil money, the Gulf economies are losing billions of dollars as the oil prices have hit the lowest points in history.
Due to the collapse in demand, storage tanks for oil are close to the brim at a key energy hub in Oklahoma, forcing traders to pay others to take delivery of the oil.
Thursday's Opec videoconference was part of a series of talks on stabilising the market, where oil prices have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.
Kirill Dmitriev, one of Russia's top oil negotiators who also heads the sovereign wealth fund, says a deal is imminent, a month after oil prices tumbled due to the coronavirus pandemic and a price war between Russia and Saudi Arabia.
Oil prices have dropped by about two-thirds this year as the pandemic crushes demand and as major producers Russia and Saudi Arabia boost output in a war over market share.
Delegates of OPEC and other oil producers including Russia – together known as OPEC+ – have been in a "joint technical committee" meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation.
Pemex is aiming to extract 69,000 barrels per day from the site by next year, and reach 110,000 barrels per day by 2021, the chief executive of the company says.
Prices have held relatively steady since the last OPEC meeting, with a barrel of Brent crude hovering around the $60 mark, apart from a spike in September sparked by attacks on Saudi oil installations.
OPEC members’ net oil export revenues rose to $711 billion in 2018, marking a 32 percent increase in one year.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day (bpd) in May, the survey showed, down 60,000 bpd from April and the lowest OPEC total since 2015, Reuters survey shows.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
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