"This comes in line with the UAE's commitment under the (OPEC +) agreement to reduce the oil supply," a source familiar with the oil sector told Reuters on Sunday.
OPEC and its allies, in the group known as (OPEC +), had agreed to reduce the supply by an unprecedented amount of 9.7 million barrels per day from the first of May 2020; To mitigate the impact of the falling oil price and demand, the spark of which was fueled by the Corona virus crisis.
OPEC's share of the reduction is 6.084 million barrels per day.
Oil prices rose on Friday, as US crude futures ended May trading with record monthly gains supported by hopes that the US-China trade agreement will remain the same and crude production will decline .
West Texas Intermediate crude futures for July delivery were settled at $ 35.49 a barrel, jumping $ 1.78, or 5.3%.
Brent crude for July delivery closed at $ 35.33 a barrel, up 4 cents. But August's most active contracts ended the session at $ 37.84 a barrel, up $ 1.81, or roughly 5%.
