Producers face another year of rising output from the United States along with other non-OPEC producers Brazil and Norway.
Saudi Arabia will undertake most of the burden of 500,000 bpd by lowering its individual output by 167,000 bpd, Energy Minister Prince Abdulaziz bin Salman told reporters after the three-hour OPEC+ meeting in Vienna.
Under the new deal the size of collective daily production cuts is set to be deepened to 1.7 million barrels.
OPEC will shoulder around two thirds of the additional cuts.
"We have a clear message to the OPEC+ countries: A "roll-over" of the current production agreement is not enough to preserve a balanced market and ensure a stable oil price environment in 2020".
However, the upward pressure on oil prices has been offset by weakening global demand as the US-China trade dispute hits global growth prospects and non-OPEC supply of the commodity rises. In July, OPEC+ extended the agreement on the same terms through March 2020. But some countries have been producing more than their expected.
Bjørnar Tonhaugen, head of oil market research at Rystad Energy, expressed his concerns about the bleak outlook if OPEC+ doesn't agree to the additional cuts.
The benchmark price of Brent crude climbed to $63.50 a barrel on Thursday morning, up from lows of $55 a barrel in August but still well below 2019 highs of about $75 a barrel earlier in the year.
On Thursday, the state oil giant priced its IPO at the top of its price range, raising $25.6 billion and topping Alibaba's record $25 billion listing in 2014.
The U.S. Energy Information Administration last month raised its 2020 production forecast by 119,000 barrels to 13.29 million barrels each day.
On Wednesday, Ghadhban said he would support at least extending existing cuts to end-2020 from March: "We have to give a positive signal to the market and to me at least we should roll-over present agreement".
ING bank analysts said the key question was whether the new cuts were real or just a matter of Saudi Arabia formalizing its current over-compliance. "However, deeper compliance is imperative and hence the deal will last only for one quarter so that they can assess compliance then", said Amrita Sen, co-founder of Energy Aspects. Gas condensate, which made-up around 8% of Russia's quota will now be removed from the calculations, freeing-up Moscow to leave its output barely changed.
That came after US crude inventories were reported to have fallen and before the OPEC + meeting later this week. The API said crude stocks dropped by 3.7 million barrels, more than double the expected 1.7 million barrels.
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