The Organisation of Petroleum Exporting Countries, OPEC, and its allies have agreed to retain their production output.
The decision by the OPEC Plus group and its allies, including Saudi Arabia and Russia, was reached during a teleconference.
The group rejected a push by the United States for a major increase in output in order to push down the prices of oil due to inflation across the world.
Meanwhile; the price of crude oil in the international market has increased to seventy-nine point seven dollars per barrel.