Oil prices climbed on Monday as major crude producer Saudi Arabia pledged to cap its exports to help ease the global oversupply.

Saudi Energy Minister Khalid al-Falih said on Monday that the country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago, according to media reports.

The minister said the words during a meeting between OPEC (the Organization of the Petroleum Exporting Countries) and non-OPEC countries in Russia staring Monday. Major oil producers were expected to discuss compliance of agreed production cuts.

The West Texas Intermediate for September Delivery added 0.57 dollar to settle at 46.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.54 dollar to close at 48.60 dollars a barrel on the London ICE Futures Exchange.