By Alison Sider

Oil prices rose Monday morning after Saudi Arabia announced it would curtail oil exports, and OPEC officials said they were contemplating a crackdown on countries that haven't kept to pledges to cut production.

U.S. crude futures rose 65 cents, or 1.42%, to $46.42 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 63 cents, or 1.31%, to $48.69 a barrel on ICE Futures Europe.

The Organization of the Petroleum Exporting Countries is meeting with big producers outside the cartel, including Russia, to discuss the effectiveness of an output-cutting deal struck last year. The agreement was meant to drain the global oversupply of crude and help push prices upward, though the glut has persisted and prices have remained stubbornly low.

Monday's meeting amounted to an acknowledgment that the agreement hasn't been enough to shake the oil market out of its doldrums. Saudi Arabia, the world's top oil exporter, said it would limit exports to 6.6 million barrels a day in August, and Energy Minister Khalid al-Falih said he wanted other countries to follow suit.

"The market should like it. It received reinforcement from the Saudis that they want to continue to drive this agreement forward," said Jim Ritterbusch, president of Ritterbusch & Associates. "As long as they maintain the lead, most other members will follow."

In addition, Nigeria, an OPEC member exempt from the agreement, committed to cap output at 1.8 million barrels a day.

But some analysts and investors were skeptical, saying the meeting merely produced more promises rather than concrete actions. Some countries, like Iraq and the United Arab Emirates, have pumped more than the agreed-upon limits. And Nigeria still has more room to ramp up production before it hits its cap.

"Libya and Nigeria, whose marked production increases have already offset half of the agreed OPEC cuts, plan for instance to further expand their output before signing up to the agreement. This increasingly turns the agreement into a farce, given that it was originally supposed to be a voluntary renouncement of additional production," Commerzbank analysts wrote Monday.

Gasoline futures rose 0.27 cent, or 0.17%, to $1.5660 a gallon. Diesel futures rose 1 cent, or 0.66%, to $1.5252 a gallon.

Georgi Kantchev

and Christopher Alessi contributed to this article.

Write to Alison Sider at alison.sider@wsj.com

(END) Dow Jones Newswires

July 24, 2017 11:39 ET (15:39 GMT)

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