VIENNA, OPEC and non-OPEC producers agreed on Thursday to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day was adopted by the 14-member OPEC cartel, Russia and nine other global producers.
After a day of talks in Vienna, the decision showed the strength of the alliance between the world's top two oil producers, Saudi Arabia and Russia.
"We are united, shoulder to shoulder," Saudi Arabian Energy Minister Khalid Al-Falih said sitting next to his Russian counterpart Alexander Novak at a press conference after the meeting. "We are completely aligned."
The initial agreement, reached in November 2016, was due to end in March 2018, having already been extended once.
Source: Emirates News Agency