The plan came despite crude prices dropping on Monday.
The trick for the Saudis, the rest of OPEC and their Russian allies, is to ensure that crude prices remain anchored as close to $80 a barrel as possible, which seems to be a level that is a good compromise between meeting the fiscal needs of the producers without being high enough to prompt too much demand destruction.
And, data with the Petroleum Planning and Analysis Cell, an official body here, shows this country had the highest price in the sub-continent, as on May 1.
The government increased import duty on crude and refined palm oil in March to support local farmers and domestic manufacturing.
The 713,000 barrel-a-day decline in Opec's total supply between 2016 and last month can be accounted for nearly entirely by the decline in Venezuelan output, which has fallen by about onethird - 718,000 barrels a day - over the period. There's still significant geopolitical risk out there following the prospect of USA sanctions on Iran and the crippling of Venezuela's oil output, but a return to $100 oil is looking less likely this week than last.
"Rising oil prices impact us directly and definitely puts pressure on profit margins", Dabur chief financial officer Lalit Malik said.
While issues related to refining and distribution of new shale supply could get resolved in the medium term with new investments in the sector, over the short term supply from the U.S. could be constrained. The price of oil is rising due to a supply problem, even of shale oil, largely produced by the U.S., which has also become one of the largest oil producing nations in the world in the past five years.
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Both are light, sweet crude oils although WTI is generally sweeter and lighter than its European counterpart.
"The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth", Chetan Ahya, chief economist at USA bank Morgan Stanley, wrote over the weekend in a note.
At the same time the Chinese have made their unhappiness with the recent Saudi price increases quite clear, meaning they would most likely want to see a substantial reduction before boosting their volumes from the kingdom.
Starting in mid-2014, the oil price experienced a long and deep downturn for about three and a half years.
The US position - working the political mathFor the US, traditionally higher oil prices adversely affect growth.
Whatever the movements in spot prices, the majority of oil companies have had to adapt to lower oil prices over the past couple of years, drastically cutting costs and investment. If we read between the lines or Mr Trumps tweets in this case, the USA establishment appears to be comfortable with a price in the ballpark of $70 a barrel. The group's Joint Ministerial Monitoring Committee said Friday compliance was 152% for April. Adding to this the Federal Open Market Committee signaling that they're in no hurry to hike rates more aggressively, despite the prospect of rising inflation. Thus the opposing forces of softer oil and EM aversion could keep the pair in the 67.25 to 68 range over the coming weeks.