Crude oil prices steadied around $50 a barrel, holding onto big gains made after the Organization of Petroleum Exporting Countries (OPEC) and Russia agreed to restrict production.
OPEC agreed to reduce its oil output to 32.5mb/d from the current production levels of around 33.24mb/d, with global prices of oil jumping by more than 5% in response to the agreement.
Russia is consulting with Saudi Arabia and other producers to achieve oil market stability, opening the door to further discussions on output freeze.
Algeria and other OPEC members are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers.
Russia sees no need for renewing discussion of an oil-output freeze at current crude prices, while leaving open the possibility for future talks with the Saudi counterparts.
Oil Minister for Venezuela, Eulogio del Pino, is once again hoping to persuade the Organization of the Petroleum Exporting Countries (OPEC) to reach a freeze deal that would help boost global oil prices.
Iran's Minister of Petroleum Bijan Zangeneh says his country will support any initiative to stabilize the oil market after recent talks in Qatar failed to freeze production.