Saudi Arabia and Russian Federation, the world's top two oil producers, agreed on Monday on the need to keep the current cut in place until March 2018.
They will present their position ahead of a meeting between OPEC and other nations that are part of the agreement later this month in Vienna.
Analysts are expecting Opec to extend the agreement for another six months when the cartel meets later this month, and there appears to be a consensus emerging among nations involved in the original pact to extend the agreement beyond June, according to Saudi Arabia's Opec governor, Adeeb Al-Aama. Oil has surrendered about half its gains since their accord late a year ago.
Oil futures rose after the ministers spoke.
"We will have to see how much demand picks up as increasing USA output continues to cap crude prices from rising, despite the efforts made by OPEC and its allies to reduce production", Will Yun, a Seoul-based commodities analyst at Hyundai Futures Corp., said by phone. Both remain more than 50 per cent below their 2014 peak.
This rise in the stock market for oil and other commodity products is expected to replace the shocking events that had occurred the other week which included the missile testing by North Korea and the cyber attack which damaged more than 2,00,000 computers in more than 150 countries. Get our markets daily newsletter. Oman said it fully supported the idea of a nine-month extension.
"I think that the outlook is promising", he said during a press conference Monday.
Russian Federation and Saudi Arabia wil hold consultations with the parties to the deal before May 24, according to the joint statement of the two countries.
"There are no fast solutions to end this situation, and the only solution possible is to let oil prices work their way" to clear the oversupply, Al-Husseini said from the Saudi city of Dhahran. El Feel, a field also known as Elephant, re-started last month as well, after having been halted since April 2015. But American crude inventories are showing some signs of shrinking, falling for the past five weeks from record levels at the end of March. Oil has surrendered about half its gains since the producers' accord to cut output late previous year.
Read Gadfly's take on what OPEC needs to do to reach its target.
Following the Russia-Saudi statement, Kazakh Energy Minister Kanat Bozumbayev said "Kazakhstan should follow the trend", in comments reported by Russia's RIA Novosti agency.
"We assume that the main thing is not the price, but the (intention) to bring average monthly reserves back to the average five-year level", the minister said.