OPEC member Kuwait has cut output by 130,000 barrels a day to about 2.75 million a day, Al-Anba newspaper reported, citing Kuwait Oil Co. Chief Executive Officer Jamal Jaafer.

The Organization of Petroleum Exporting Countries (OPEC) and 11 nations from outside the group agreed on an output cut plan, effective Jan. 1, to reduce oil supply glut. OPEC nations and non-members including Russia and Mexico have agreed to trim output by about 1.8 million barrels a day.

Recently, Saudi Arabia, Iraq and Venezuela notified their customers about the possible cuts in supplies, suggesting that producers are eagerly looking for higher prices through output cuts. Oman, which is among the largest OPEC producers, told customers last week that it will cut its crude term allocation volumes by 5% in March.

Despite the agreement reached by members of the Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members to cut oil production, few experts have expressed fears that oil majors may sabotage the deal.

Benchmark Brent crude jumped more than 2 per cent to a high of $58.37, up $1.55 a barrel and its highest since July 2015. By 0940 GMT, Brent eased slightly to trade at $58.22, up $1.40. US light crude oil hit an 18-month high of $55.24, up $1.52 a barrel, also its highest since July 2015.