Saudi Crown Prince Mohammed bin Salman is in favour of a further extension of Opec production cuts, beyond the present agreement to maintain a reduced output until March 2018.

The prince said he would "of course" back the cuts, adding: "We need to continue stabilising the market," in an interview with news agency Bloomberg.

"Everyone is benefiting," he said. "It’s the first time we have an Opec and non-Opec deal in stabilising the oil market," he said at the Future Investment Initiative event in Riyadh, which was attended by several high-profile investors and executives.

"Every day, everyone is starting to believe it more. They have seen the results. So everyone has the interest to continue keeping the agreement."

Opec is set to meet next month to discuss an extension of the production cuts first agreed to in December 2016, as members of the cartel and producers outside the exporter group, such as Russia, seek to stabilise oil prices.

Opec and non-Opec producers agreed to curtail output by 1.8 million barrels a day (b/d) for six months starting in January this year. The agreement was extended by Opec in May for another nine months. Prince Mohammed bin Salman's comments follow Russian president Vladimir Putin's backing for the deal and a commitment by Riyadh and Moscow to work together on stabilising prices.

The price of Brent crude rose to $58.39 on 26 October, partly helped by geopolitical tensions following the outcome of the independence referendum in Iraqi Kurdistan.