Saudi Arabia and Russia, agreed on the need to extend output cut to rein in a global crude glut.

The Saudi Oil Minister stated that oil producers would "do whatever it takes" to rebalance the market.

Iran announced it will go along with whatever decision OPEC makes on whether to extend oil production cuts beyond June.

The energy ministers of Saudi Arabia and Venezuela plan to meet their Russian counterpart to discuss extending oil-output cuts.

Iraq may seek exemption because it needs its oil income to fight the Islamic State.

Supply targets from the members of the OPEC suggest a compliance of 104% with the cartel's deal to cut output.

India will cut Iranian oil imports is an attempt to push Iran to provide concessions on the Farzad B field.

UAE’s production cut has boosted OPEC’s compliance with its oil-output-cutting deal to a record high of 95%.

Iraq’s March production has been reduced by more than its share of 210,000b/d from its southern fields, while northern production has been reduced by around 30,000-40,000b/d so far in March from February.

Algeria’s Energy Minister, Noureddine Boutarfa, announced the country’s support in extending global oil production cuts beyond June. Other countries have also added their support for a possible extension, including Venezuela, Iran, and Iraq.