Russia and Saudi Arabia agreed to extend oil output cuts until March 2018, Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said  in a joint press conference in Beijing, Reuters reported.

The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market. They pledged 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.

Novak, on his part, said that the Russian Energy Ministry has already held a meeting with representatives of Russia's oil companies and discussed the possibility to extend the deal for nine months, and the parties have worked out a coordinated position regarding this issue.