Saudi Arabia's cabinet on Tuesday reaffirmed its commitment to the OPEC Plus agreement of oil exporters supplying an additional volume of 400,000 barrels per day each month to output.
The Saudi cabinet also called for stability in oil markets and for a de-escalation of Russia's war in Ukraine.
Saudi Arabia is under intense pressure from developed economies to increase output.
The CNN has also reported that the US and its allies have agreed to a release of 60 million barrels oil from their reserves.
According to two sources familiar with the decision, 30 million barrels will come from the US Strategic Petroleum Reserve, and the other half from allies in Europe and Asia.
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