In a joint statement the two countries said an extension to March 31, 2018 was needed "to ensure market stability, predictability and sustainable development".
Still, an increase in Libyan output, together with a surge in US production and signs of recovery in Nigeria, may undercut the Organization of Petroleum Exporting Countries' strategy to re-balance the market.
"Saudi Arabia seems very determined to push oil prices higher by making this joint statement now", said Mr Oystein Berentsen, managing director of oil trading company Strong Petroleum.
OPEC and some non-OPEC producers agreed in December to cut output by 1.8 million barrels per day for six months to help stabilize oil prices.
Energy ministers from the world's two top producers said that supply cuts should be prolonged for nine months, until March 2018.
Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation. Oil has surrendered about half its gains since the producers' accord to cut output late previous year. That would be longer than the optional six-month extension first agreed. Thus, OPEC countries reduced the average daily production by nearly 1.2 million barrels. OPEC is due to meet with fellow producers on May 25 to decide on the extension.
The agency trimmed its estimate for first-half global demand growth by 115,000 barrels a day, citing weaker consumption in "previously solid countries" like India and the USA, yet kept the full-year growth forecast steady.
US drilling activity RIG-OL-USA-BHI last week rose to its highest in two years, while US production has jumped more than 10 percent since its mid-2016 trough.
According to Novak, Moscow isn't out to significantly impact the oil price.
"Of course, things will change elsewhere in the balance, and today the most closely watched data point on the supply side is U.S. crude production", the IEA said.
At the same time, at a meeting of the OPEC countries and countries outside of the cartel in Vienna on May 24-25, Russian Federation is going to propose maintaining the current parameters of the agreement. Nymex crude oil futures prices are challenging $50 a barrel Monday morning. Libya's crude production has risen to more than 800,000 barrels a day as fields restart, the most since 2014.
USA drilling activity last week rose to its highest since April 2015.
Justin Amash (R-Mich.) said on Wednesday that if Comey's memo is true, then "yes", it would justify impeachment of the President. Hildebrand said he's hoping South Dakota's lawmakers in Washington will hold the president accountable for his actions.
Qasemi, echoing Iran's official stance, said Iran's ballistic missile program was no breach of the nuclear deal. By ratifying the plan, Iran agreed to scale down its nuclear activities in exchange for sanctions relief.
Producer Greg Berlanti , Mara Brock Akil and Salim Akil have been hard at work preparing the next slice of TV magic for The CW . According to the schedule released at the CW Upfront presentation, Black Lightning will be held for mid-season.
Styles later took his seat at the host's desk and introduced the actual host, James Corden , who appeared as " Harry Styles ". He is best known to NY theatergoers for his Tony-winning performance in Richard Bean's One Man, Two Guvnors in 2012.
Still, the State Department said it was expressing "concern" to Turkey over the incident "in the strongest possible terms". On Wednesday, McCain condemned Turkish authorities, stating that there is " no excuse " for their " thuggish " behavior.
This new feature is called " Edge Sense ", and it can be configured to do a variety of tasks with either short or long squeezes. The company also claimed that its latest flagship has received the highest DxOMark score for a smartphone camera to date.
The intervention by Putin could turn up the pressure on the White House to provide its own transcript of the meeting. Donald Trump on Tuesday admitted he shared "airline and flight safety" information with Russian Federation .
Of the four monuments, Lee's was easily the most prominent, with the bronze statue alone being close to 20 feet tall. Beauregard commanded the attack at Fort Sumter, South Carolina, that marked the outbreak of the Civil War.
Interracial marriage became legal throughout the United States in 1967 when Richard and Mildred Loving took their case to the U.S. Black newlyweds, meanwhile, have seen the most dramatic increases of any group, from 5 percent in 1980 to 18 percent today.
NHS England said that, as of 3pm on Monday, two hospitals remained on divert following the attack, down from seven on Sunday. The Financial Times estimates the number of victims at the level of 1.3 million computer systems.
North Korea's unsafe warning
However, he did emphasize that Seoul and Tokyo are key partners in countering North Korea's nuclear and missile threats. The state news agency also said Sunday's launch tested the nation's ability to carry a "large size" nuclear warhead.
Roger Ailes, who built Fox News into a powerhouse, dies at 77
At least six other women, including former Fox News star Megyn Kelly , came forward to accuse Ailes, who denied wrongdoing. Andrea Tantaros, a former Fox News host, files a lawsuit alleging that she was sexually harassed by Ailes and O'Reilly.
Times Square crash victim was 18-year-old Michigan woman
An 18-year-old woman killed by a vehicle that barrelled down a pavement in New York's Times Square was a tourist, police said. The vehicle hit the barricade and the power of the barricade backed the auto up", he told news.com.au at the scene.
Harry Kane rises to the fore as Tottenham humble Leicester
That amounted to six damaging blows to Craig Shakespeare's prospects of landing the Leicester managerial job on a permanent basis. He is, however, slightly concerned about the effect that playing home games at Wembley Stadium next season might have on Spurs .