Those efforts paid off, with prices rising to as much as $80 a barrel, or approximately $3 a gallon in the USA -a 25% increase from previous year and the highest since 2014.
The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 14 oil-producing nations.
Reacting to comments from the Saudi oil minister, crude oil prices have fallen more than $5 per barrel in the past few days.
The oil price fell 2 per cent on Monday from $US76.17 to $US74.49, wiping out much of the gains over the past month.
While Russia and OPEC benefit from higher oil prices, up nearly 20 percent since the end of previous year, their voluntary output cuts have opened the door to other producers, such as the USA shale sector, to ramp up production and gain market share.
The drop in oil prices is welcome news for drivers, as well as companies and countries that buy a lot of energy.
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Over the last month the price of oil came within a whisker of $80 per barrel due to political volatility and a supply dip, but fresh increases in production have seen the price of the black stuff start to slide.
"Structurally there shouldn't be enough pressure on the market to take us back into that very high-priced world", said Andrew Slaughter, an energy expert and executive director at consulting firm Deloitte Services LP.
Oil traders were active on Monday despite the Memorial Day holiday and the closure of USA stock and bond markets.
Oil traders believe the price may have already hit its ceiling, one analyst says.
Selling half the reserve over a full decade would have limited impact on world oil prices. US production broke 10 million bpd for the first time in 48 years in November.
Following concerns of possible crude oil supply shortfalls Into the market, high level talks is now going on among key members of Organization of Petroleum Exporting Countries (OPEC), to agree on production hikes as the organisation meets in June.
Meanwhile, supply issues surrounding Venezuela and Libya, and the possibility of disruption in Iran because of the sanctions propped up prices.
OPEC is once again between the rock of US shale production and exports, and the hard place of budget gaps and investment projects that need funding.
The global sulfur limit on fuel oil will be set at 0.5% m/m (mass/mass) in 2020 down from the 3.5% m/m current global limits.