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.