In a joint statement that followed an earlier meeting, Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said they had agreed to prolong an existing deal by another nine months until March 2018.
The ministers pledged "to do whatever it takes" to reduce global inventories to their five-year average and expressed optimism they will secure support from producers beyond those in the current deal, the statement said.
"There has been a marked reduction to the inventories, but we're not where we want to be in reaching the five-year average," said Falih at a briefing in Beijing alongside Novak.
"We've come to conclusion that the agreement needs to be extended."
Under the current agreement that started on Jan. 1, the Organization of the Petroleum Exporting Countries (OPEC), 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.
Saudi, the defacto leader of OPEC, and Russia, the world's biggest producer, together control a fifth of global supplies.
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