Photo by: Dateline Nigeria

Oil prices have risen after Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July.

Other members of Opec+, a group of oil-producing countries, also agreed to continued cuts in production in an attempt to shore up flagging prices.

Opec+ accounts for around 40 per cent of the world’s crude oil and its decisions can have a major impact on oil prices.

In Asia trade on Monday, Brent crude oil rose by as much as 2-point-4 per cent before settling at around 77-dollars a barrel.

Opec+ said production targets would drop by a further 1-point-4 million bpd from 2024.

The seven hour-long meeting on Sunday of the oil-rich nations came against a backdrop of falling energy prices.

Oil prices soared when Russia invaded Ukraine last year, but are now back at levels seen before the conflict began.

In October last year Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, agreed to cut production by two million bpd, about 2% of global demand