Following its meeting on Monday, the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies (OPEC ) announced in a statement that the additional voluntary oil production cuts will amount to 1.66 million barrels per day, as reported by Reuters.

Market reaction

Following the sharp upsurge witnessed earlier in the day, crude oil prices had gone into a consolidation phase. This headline, however, seems to be helping oil prices regain traction. As of writing, the barrel of West Texas Intermediate (WTI) was up nearly 6% on the day at $80.10. Similarly, the barrel of Brent was last seen trading at $84.40, rising 5.9% on a daily basis.