The news from the Organization of the Petroleum Exporting Countries on Monday came hard on the heels of the US$50 a barrel trading average for WTI and Brent crude - sustained for the past two weeks in global energy markets.
Add into that mix the recent meeting of oil producing nations in Vienna where quotas weren't revised and the disruption in Nigeria delta, and the oil dependent countries can breathe an albeit slight sigh of relief, especially with the key statement that ''excess supply in the market is likely to ease over the coming quarters."
However, in its monthly market report, OPEC has kept estimates for world supply and demand in 2016 unchanged.
Disruptions in Nigeria have reduced the group's output to 32.36 million barrels a day last month, a little below the 32.6 million average required to satisfy estimated demand in the second half.
Oil has surged about 80% from a 12-year low in February as the global glut has been trimmed by unexpected disruptions and a slide in US output.