Russia and Saudi Arabia have agreed to continue limiting oil production until the end of March 2018.
Oil prices jumped by 2.1 percent following the announcement on Monday morning, with Brent crude reaching $51.88 per barrel.
In a joint statement, Russian Energy Minister Alexander Novak and Saudi Energy Minister Khalid al-Falih said the move would ensure “the stability, predictability and the progressive development” of the oil market.
As well as reaffirming their confidence in the agreement, the pair told reporters that other countries involved in the deal were still committed to the cause. “I don’t see reasons for any country to quit,” he said.
Twenty-four oil-producing countries signed a 6-month agreement limiting oil output in January 2016.
Russia and Saudi Arabia are the two largest oil producers in the group, generating 20 million barrels of crude oil — a fifth of the world's overall supply — every day. Norway, Canada and the United States all refused to take part in the deal.