Sunday, Riyadh announced it would slash oil output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.

The cut is for July but "can be extended", Saudi Energy Minister Prince Abdulaziz bin Salman told reporters following a meeting of OPEC+ major oil producers.

Bin Salman said: "The countries that had agreed to do the voluntary cuts, have extended the voluntary cuts to end of 2024. And I will have to call it, the "Saudi lollipop", which is a million barrels of reduction that starts the first of July and that million is also extendable."