The agreement was signed on June 22, 2020 and mainly targets youth and women.
The Organization of the Petroleum Exporting Countries' (OPEC) latest monthly report showed that the 2021 global oil demand growth forecast got revised down to 5.79 million barrels per day (bpd) from 5.9 million bpd in the previous report.
The participants discussed cutting down oil output at the world level to restore stability of the international oil market.
The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday — a delay from Monday — in an attempt to agree on production cuts.
Futures in London fell around 4 percent to near $26 a barrel, while West Texas Intermediate rose after the April contract expired Friday.
The 7th meeting of Ministers of OPEC and non-OPEC countries kicked off on Friday, under the co-chairmanship of Saudi Arabia and Russia.
Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week.
Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.
OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia.
Oil prices rose over $2 a barrel on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
Tepid growth in demand for oil along with ample supplies from non-OPEC countries will complicate efforts.
But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global economic slowdown.
U.S. West Texas Intermediate crude futures were down 60 cents at $63.00 per barrel.
Speaking in Riyadh, al-Falih said he was guided by oil market fundamentals, not prices, and global oil inventories continued to rise.
Despite the move, spare capacity from other suppliers such as Saudi Arabia might be able to ensure oil markets cope with a cut in Iranian exports.
Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile reports is due at 2030 GMT from the American Petroleum Institute. [EIA/S]
Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 percent, from their last close.
Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.
“We are not under pressure except by the market,” Khalid al-Falih told reporters.
International Brent crude oil futures were at $66.95 a barrel at 0751 GMT, up 28 cents, or 0.4 percent, from their last close.