Members of the Organization of Petroleum Exporting Countries (OPEC) and other key oil producers, including Russia, agreed on Thursday to extend oil production cuts until the end of March 2018.
"Cooperation between Opec members and non-OPEC members will continue because it has achieved very good results," the Russian energy minister said.
Crude oil prices fell about 5% to less than $ 49 a barrel after the agreement was announced. Investors had expected an agreement from the Vienna meetings, but they hoped the extension of the cut would be longer.
OPEC members agreed in November to cut output by mid-year in a bid to counter oil prices. The agreement helped push oil prices up to $ 54. The new agreement maintains the production level at its current position for another 9 months.
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