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breakthrough deal late last week to lift its debt ceiling and avert a disastrous default.

“The outcome of the much-anticipated Opec+ meeting has created a splash in the oil market, if not a wave,” said KCM Trade analyst Tim Waterer.

“Saudi Arabia has backed up their words with actions by going it alone and extending their supply cuts.”

The 23-nation Opec+ alliance, which includes Russia, agreed Sunday to continue current output cuts until the end of next year.

But influential player Saudi Arabia also announced its own new cutback taking July production to nine million barrels per day.

Saudi Energy Minister Prince Abdulaziz bin Salman told reporters that he “will do whatever is necessary to bring stability to this market”.

Opec+ nations are grappling with falling prices on concerns oil demand will weaken as major economies struggle to cool elevated inflation.

Oil has plummeted about 10 per cent since April, when several Opec+ members agreed to cut production voluntarily by more than one million bpd in an attempt to stem losses.