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.
Samsung's flagship, the Galaxy S8, now holds the title being the greatest Android smartphone this year. It stands in front of the Xperia XZ Premium, and is one of the most powerful Android devices now .
Analysts surveyed in advance by Yahoo Finance expected Snap to post losses of 19 cents per share on $157.98 million in revenue. Facebook has launched several clones of Snapchat Stories, including Messenger Day, WhatsApp Status, and Facebook Stories.
Trump's new status in the wake of his honorary doctorate of law degree from Liberty University. "We always set records", he said. Trump said it was the third time he'd visited Liberty University, where Jerry Falwell Jr.is the president.
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.
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.
Ryan said Congress needs to get the facts, but "it is obvious there are some people out there who want to harm the president". It led many to wonder whether the president recorded the conversation, including Trump biographer Harry Hurd.
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.
Schneider said he lack of public comment - and lack of a public vote outside of City Council - made the whole endeavor "wrong". The Kimballs were seen by Eighth District Commander Nicholas Gernon spray painting the monument base with the words "Gen.
Pence releases financial info, Trump plans to
The comments are the latest addition to a growing list of White House rationale for Mr Comey's firing. It's hard for a vice president of the United States to disappear from sight.
Chris Cornell hanged himself, medical examiner says
A full autopsy report was not yet completed Thursday afternoon, but a medical examiner confirmed the suicide. The concert , which took place at the Jose Marti Anti-Imperialist Tribune in front of what was then the U.S.
1 in 6 newlywed spouses are of different race or ethnicity
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.
Trump defends sharing 'terrorism' facts with Russians
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 .