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Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading yesterday, a price unseen in the market since November.

Saudi Arabia said yesterday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilize markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.

Riyadh on June 4 announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.

The group of oil-producing countries agreed on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to "The Hill".

Oil prices fell nearly 1 percent in early European trade, erasing yesterday's gains on concerns about the viability of the bipartisan US debt ceiling deal and mixed messages from top oil producers ahead of the OPEC+ meeting later in the week.

Global oil prices rose after several leading producers, led by Saudi Arabia, surprisingly announced production cuts, AFP reported.

Crude futures rose nearly eight percent, a day after several OPEC+ members unexpectedly announced production cuts totaling more than one million barrels per day.

The International Air Transport Association (IATA) has announced that Pegasus Airlines Vice-Chairperson of the Board Mehmet Tevfik Nane has assumed his duties as chair of the IATA Board of Governors (BoG) for a one-year term, effective from the conclusion of the 78th IATA Annual General Meeting in Doha Qatar on June 21.

Oil prices continue to rise today after Saudi Arabia raised the prices of its supplies for July and made it clear that the market remains tense despite last week's agreement with OPEC + countries to increase production by more than previously agreed, Reuters reported, quoted by BTA.