The oil-producing nations of the OPEC+ organization lowered their output goals on Monday, after having raised them repeatedly in recent months.
"The OPEC and non-OPEC ministerial meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market's stability and its efficient functioning," a statement by OPEC+ said.
Joint daily production for October will be reduced by 100,000 barrels (one barrel is equal to 159 litres), the group of roughly 20 countries decided after an online meeting.
Oil prices rose as a result of the announced cut to supply. On Monday afternoon a barrel of Brent oil cost $96.64, $3.62 more than on Friday.
The US type West Texas Intermediate (WTI) increased by $3.12 to $89.99.
The increase in prices comes after significant drops in price last week, which were partly due to forecasts of sluggish economic growth, leading to lower demand for oil.
Furthermore, the fight against inflation by central banks is putting pressure on the oil price, as higher interest rates put a damper on financial and oil markets.
In early August the cartel had agreed to increase daily production by 100,000 barrels to nearly 44 million, around 44% of global production.
In the preceding months OPEC+, which is largely dominated by Russia and Saudi Arabia, had already increased production in larger steps.
