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After reaching its group target, it will seek support from non-member oil producers to further ease the global glut.
But it will be some time before these plantations will produce enough oud to ease the global shortage, he said.
The bankruptcies and closures have done little to ease the global glut and price war because China by itself represents more than two-thirds of the world's capacity.
Western nations, including the United States, have urged China to develop its domestic market both to ease the global economic strains caused by its aggressive export policies and to increase domestic demand for imports.
It was a dismal week for the stock market, despite an interest rate cut by the Federal Reserve and concerted action by the Fed and other central banks to ease the global credit crisis.
Yukos, the embattled Russian oil group struggling to pay a crippling $3.4bn£1.9bnbn) tax bill, last night secured a double lifeline in moves that could help ease the global crisis over oil prices.
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That same 25percentt regional saving in electricity would reduce sulfur and other emissions by thousands of tons a year as well, easing the global warming threat and improving the air we breathe.
And even though more American oil production will improve the country's balance of trade and produce jobs, it will not necessarily ease the tight global oil market.
Governments around the world stepped up their efforts to ease the strain on the global financial system.
The half-measures have failed to ease the concerns of global investors, and borrowing costs have kept rising.
China's economy grew at its slowest rate in a quarter of a century in 2015, data released on Tuesday showed, increasing pressure on Beijing to address fears of a prolonged slowdown and ease the jitters affecting global markets.
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