Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+,  has agreed to lower oil output by 2 million barrels per day, Reuters reports, citing sources.

No additional details on the group's output strategy has been shared yet. 

Market reaction

Crude oil prices edged higher on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading near $87, where it was up 1% on a daily basis.