Saudi Arabia and Russia confirmed their commitment to implement the OPEC agreement of limiting production to 9.7 million barrels per day (mmbbl/d) for the coming two years, according to Saudi Press Agency.

The deal represents a 2.5 mmbbl cut for both Riyadh and Moscow. This is a measure to stabilize the market that has shed more than 60% of its value. The SPA also affirms that bilateral relations between Saudi and Russia remain exceptionally strong.

Oil producers outside of the OPEC alliance pledged to cut an additional 3.7 mmbbl/d.