OPEC agreed Monday to extend by nine months daily oil output cuts.
The expected news followed an official ministerial output meeting of the 14-nation Organization of the Petroleum Exporting Countries.
Members will gather again on Tuesday for OPEC+ -- a grouping that comprises a total of 24 crude producers including Russia -- which is also expected to extend its collective production limits.
Three OPEC sources told Reuters that an agreement was reached on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring US production.
"I think nine months gives us enough runway to wait for the market to balance," Saudi Energy Minister Khalid al-Falih said.
He said Saudi Arabia would continue reducing supplies to customers in July.
Russian Energy Minister Alexander Novak had declared earlier Monday that "everyone" supported the proposition to extend production caps.
