It also urged participating countries to redouble efforts for supply adjustments to ensure oil markets remain in balance in 2019.

In the first half of 2019, OPEC and other major producers will cut oil output by 1.195 million barrels per day (bpd) to 43.874 million bpd.

The production adjustment will be monitored by the Joint Ministerial Monitoring Committee (JMMC) on a monthly basis, it said.

The next JMMC meeting will be held in Baku, Azerbaijan, on March 18, it added.