OPEC and non-OPEC oil giant Russia agreed Thursday to extend production cuts until the end of 2018, following hours of discussions in Vienna.
The move was heavily telegraphed ahead of the decision, but the oil producers had earlier indicated they could exit the deal if they feel the market was overheating.
The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14-member OPEC cartel, Russia and nine other global producers. The initial agreement was due to end in March 2018, having already been extended once.
Rather than extend the deal by nine months, the group said on Thursday it was implementing a new deal that will last from January to December of 2018.
The producers will review the deal at the next OPEC meeting in June to assess how it is impacting oil prices and global global crude stockpiles.
Additionally, Nigeria and Libya, two OPEC members exempt from the deal, have agreed not to increase their output next year above 2017 levels, according to the news agencies.