UPDATE 1-Russia, Saudi agree to extend oil output cuts until March 2018

(Updates with more details)

BEIJING, May 15 (Reuters) - Saudi Arabia and Russia have agreed to extend crude oil output cuts until March 2018 in their latest effort to rebalance the global crude market, oil ministers for the two countries said on Monday.

The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing.

Under the current agreement, the Organization of the Petroleum Exporting Countries (OPEC), of which Saudi Arabia is the de-facto leader, and other producers including Russia pledged to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year.

Russian oil minister Alexandra Novak said at the briefing the aim of the cuts is to rebalance the global crude market. (Reporting by Aizhu Chen; Writing by Josephine Mason; Editing by Richard Pullin)