"The market will have to trust us," said Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud, as the 7th ministerial meeting of OPEC and non-OPEC countries kicked off at OPEC headquarters in Vienna on Friday.

The 14-member group, sometimes referred to as OPEC+, is expected to formally agree to more output cuts in early 2020.

According to reports, earlier on Thursday, the Joint Ministerial Monitoring Committee (JMMC), a smaller group of ministers that coordinate oil production for thei OPEC+ group, has already agreed to cut production by an additional 500,000 barrels per day through to the end of March 2020.

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