Ministers gathered at Opec headquarters in Vienna “decided for an additional adjustment of 500 (thousand barrels per day)”, effective as of Jan 1, 2020, according to a statement issued after the meeting.

This would bring production to 1.7 million barrels per day, below October 2018 levels.

However, the group said that “in addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions,” meaning the overall production cut would be 2.1 million barrels per day.

The statement said that Opec and its partners in the so-called Opec+ grouping would convene for a special meeting on March 6.

Opec members had been aiming for a cut in order to stem pressure on prices from abundant reserves and weak global economic growth.

Oil prices surged following the announcement, with US benchmark WTI and its European counterpart Brent both nearly 2% higher shortly after 3pm GMT.