Members of the Organization of the Petroleum Exporting Countries (OPEC) will reduce the group's output to adhere to its 30 million barrels per day (bpd) output ceiling and the effects should be seen in July, OPEC Secretary-General Abdullah al-Badri told a news briefing.
Analysts remain skeptical after OPEC's Thursday meeting that such a reduction, which would be mostly on Saudi Arabia's side, will actually occur.
Actual OPEC production is higher at 31.6 million bpd owing to Saudi Arabia's extra production.
Raising output was a deliberate move by Riyadh to counter the possibility that Iranian oil shipments will fall heavily when a European Union embargo on Tehran starts next month. (Additional reporting by Gene Ramos in New York, Julia Payne and Simon Falush in London and Manash Goswami in Singapore; Editing by Bob Burgdorfer, Marguerita Choy and David Gregorio)