Minister of Energy and Natural Resources Fatih Donmez says agreement will be valid for 10 years and can be extended if the conditions are favourable.
Gold prices also have beaten higher before US inflation data that could affect Fed's policy.
Ankara aims to increase its daily production to 100,000 barrels in the centennial of the Republic of Türkiye, Turkish President Erdogan says.
The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine.
The milestone summit is set to involve face-to-face exchanges between Chinese and Arab leaders with the possibility of attendance by President Xi Jinping.
Oil prices have dropped by around $1 a barrel as Covid19 weakens demand from China, and the US dollar rebounds.
Nicolas Maduro is being increasingly wooed by European countries which are facing a massive energy crisis following the Russian offensive in Ukraine.
Analysts warn a recession looms in the West from inflation and subsequent interest rate hikes, as well as food and oil supplies being affected by Russia-Ukraine conflict.
Islamabad says it stands with Riyadh "in the wake of statements made against the kingdom", and hails the oil cartel's decision to cut production by two million barrels a day.
Oil prices are expected to remain volatile as production cuts by OPEC+ will tighten supplies ahead of the EU embargo on Russian oil, while a strong US dollar and further interest rate increases from the Fed limit price gains.
The energy ministry in Oman says that the decision by OPEC to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilise it.
The two leaders discussed energy markets, food security, the situation in Libya, Syria and the Iran nuclear talks.
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