Petroleum exporting states and allies will meet with the aim to keep current output levels or even cut production to bolster prices, despite supplies remaining tight.
An agreement has been signed to export Israeli gas to Egypt, where it will be liquefied before exporting to Europe as the EU seeks to reduce dependency on Moscow.
Despite Saudi promises to mitigate climate change, the Kingdom thwarts international efforts at collaboration.
The United States imposed sanctions on several companies, accusing them of enabling the shipment and sale of Iranian petrochemicals, the Treasury Department said in a statement.
US Justice Department accused Iran of "forcibly" boarding an unrelated ship after the four tankers were seized "in an apparent attempt to recover the seized petroleum."
Ankara has condemned a deal entailing oil extraction, processing and trade between Delta Crescent Energy and the PYD/YPG-linked SDF in Syria, saying it is equivalent to financing terrorism.
Ministers of the cartel and outside nations led by Russia meet via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
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.
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