Oil prices rise by more than 1% after Saudi announcement

The slide also comes during signs of a softer-than-expected impact from US sanctions on Iran oil exports

"With Iranian waivers coming in higher than anyone expected, Saudi Arabia is acting responsibly by reducing its production that it had earlier brought online to offset possible Iranian losses", said Amrita Sen, chief oil analyst at Energy Aspects Ltd, a consultant in London.

An official from group member Kuwait said on Monday major oil exporters over the weekend had "discussed a proposal for some kind of cut in (crude) supply next year", although the official did not provide any detail.

Mr Al Falih expressed concern, however, over the recent downward turn of the oil markets, which had through the summer held about $80 per barrel, only to fall to $69 on Friday, after the US Energy Information Administration reported higher US production figures and the White House granted waivers to eight of Iran's top oil buyers.

The country is targeting production capacity of 5m bpd in 2019, with average exports expected to reach around 3.8m bpd.

Russian Federation stated on Sunday that it did not believe that the oil market would face a probability of an oversupply next year.

Any official decision on global output cuts will be made at a key ministerial meeting for OPEC and non-OPEC producers in Vienna in early December, Falih said.

In a final statement, they said they had "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements". The cut represents a reduction in global oil supply of about 0.5 per cent. Saudi Arabia is the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC).

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Brent crude dropped below Dollars 70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below USD 60 a barrel, a nine-month low.

He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.

Crude prices hit four-year highs of more than $80 a barrel in late September and early October over fears of the impact of United States sanctions on Iranian oil exports, sparking warnings of prices hitting $100. The market should be balanced by the middle of next year, though there are forecasts for a surplus of 1 million to 1.4 million barrels a day, he said.

But they climbed on Monday as the world's biggest supplier Saudi Arabia announced plans to cut production in response to fears of oversupply.

Producers implemented large cuts starting at the beginning of 2017 and managed to push up oil prices from below $30 a barrel to over $85 in October, strongly improving their revenues.

Commerzbank, Germany's second-largest lender, said Friday that oil producers must act to prevent prices tumbling.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further", the bank said in a note.

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