Both countries sign a charter to limit price fluctuations . it looks like it could spread to other parts of the region , '' said Peter Beutel , oil analyst with energy risk management firm Cameron Hanover . Oil prices rise 6 % on Tuesday . Libya produces 1.6 million barrels of oil per day . Saudi Arabia 's daily production is 8.4 million barrels .
Both countries sign a charter to limit price fluctuations . Oil prices rise 6 % on Tuesday . Libya produces 1.6 million barrels of oil per day . Saudi Arabia 's daily production is 8.4 million barrels .