'Great deal for all': US President hails 'big oil deal' with OPEC+

US President Donald Trump on Sunday (local time) hailed the 'big oil deal' with OPEC plus saying it will save 'hundreds of thousands of energy jobs' in the country.

"The big Oil Deal with OPEC plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!" tweeted Trump.

According to Sputnik, earlier in the day the OPEC plus oil producers agreed to a new deal stipulating a collective reduction in output in a bid to stabilise the market.

"Under the agreement, Russia will reduce its production by 2.5 million barrels per day out of total 9.7 million, with the baseline level of the reduction for Russia set at 11 million barrels per day," Russian Energy Minister Alexander Novak was quoted as saying.

According to Novak, the parties to the agreement would partially restore production up to a reduction limit of 8 million barrels per day over the next half a year and 6 million barrels per year in 2021.

OPEC Secretary General Mohammed Barkindo too welcomed the new deal reached during the extraordinary meeting of the OPEC and non-OPEC oil producers.

"Secretary General #HEMohammadBarkindo highlighted the importance of the historic agreement reached at the 10th (Extraordinary) OPEC and non-OPEC Ministerial videoconference for the benefits of producers, consumers and the global economy," the OPEC Secretariat said on Twitter.

( With inputs from ANI )