OPEC members, led by Saudi Arabia have agreed to extend historic output cuts through July, as oil prices tentatively recover as coronavirus lockdowns ease.

The Organization of the Petroleum Exporting Countries said in a statement that the 13-member cartel and its allies, notably Russia, decided to extend by a month beyond May and June cuts agreed in April to boost prices.

Prices had plummeted owing to falling demand as countries around the world imposed strict lockdowns to stop the spread of the new coronavirus.