Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Alexei Druzhinin/Sputnik / AP
Saudi Arabia and Russia jointly said they favor extending the production-limiting deal between OPEC and some other big producers through the first quarter of 2018.
Why it matters: The comments by the world's largest producers signals what could happen when OPEC meets May 25 to weigh the future of the six-month production agreement that began in January.
"I think there is general consensus that this is the right approach and the right thing to do," said Saudi Energy minister Khalid Al-Falih at a Beijing appearance, according to several accounts.
The big bounce: Oil prices rose in trading on Monday after the announcement. Via CNBC, both West Texas Intermediate and Brent crude gained over 3 percent Monday morning.
What they're saying: "I think OPEC and Russia recognize that in order to get the market back on their side they will need 'shock and awe' tactics where they need to go above and beyond a simple extension of the deal," Virendra Chauhan, an analyst at Energy Aspects, told Reuters.
- In a joint statement, the two countries' oil ministers said they want to ensure "market stability, predictability and sustainable development" and pledged to agreed to do "whatever it takes" to stabilize the market and reduce commercial inventories to their five-year average level.
To be sure:
Output growth by U.S. shale producers even amid modest prices is a check on OPEC's influence. In a research note late Sunday night, Goldman Sachs noted that the U.S. rig count climbed for another week to reach a level that's 125% higher than it was a year ago.