Opec
Angola is resisting Saudi OPEC pressure to comply fully with oil cuts - sources
Saudi Arabia has been pressing laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the cuts and compensate for May overproduction.
Regional and international organisations from the European Union to the United Nations have not managed to muster a coordinated response to the pandemic, while even economic organisations like OPEC have failed to halt the slide on markets.
In the compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to Mexican Energy Minister Rocio Nahle.
Addressing lawmakers, Djerad blamed mismanagement and corruption during the past years for worsening financial problems in the OPEC-member nation, pledging to overcome the situation through reforms.
Prince Abdulaziz bin Salman said it was too early to talk about whether the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, would continue with production curbs agreed under a deal that expires in March.
Opec and Russia have become unlikely bedfellows, forging an 'Opec+' alliance to reduce global crude supply to counter soaring output from the United States and a weakening world economy.
Iran is the only major Opec nation yet to have spoken publicly about a need to extend production cuts.
The OPEC cartel and its oil-producer nation allies opted in December to trim daily crude output by 1.2 million barrels.
The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between Trump and Xi on Saturday.
Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.
President Donald Trump said last month Saudi Arabia and other Opec members had agreed to his request to boost oil production in order to tamp down rising prices.
In seeking to reduce Iran's oil exports to zero, the Trump administration is targeting the country's top revenue maker in its latest no-holds-barred move to scale back the clerical regime's influence.
Saudi Arabia's energy minister said he did not "think we need to" when asked if the kingdom was prepared to make additional cuts to support the oil market.
The global oil industry gathered on the sidelines of the World Economic Forum, holding a series of closed-door meetings.
Oil prices fell to their lowest in more than a year on Thursday pulled down by worries about the global economy and a supply glut.
Amid sharp differences over which way to go, the oil market continued under pressure.
The organisation is dominated by oil-rich Saudi Arabia, which since June 2017 has led a bloc of countries in imposing a blockade on Qatar.
Saudi Arabia's energy minister said Monday that oil-producing nations should cut output by one million barrels per day to re-balance the market.
Venezuelan Vice President Delcy Rodriguez is currently in China and on Wednesday met with Chinese Vice President Wang Qishan, the Chinese Foreign Ministry said in a brief statement late Wednesday.