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.

Go deeper

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 12,813,864 — Total deaths: 566,790 — Total recoveries — 7,046,535Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 3,286,025 — Total deaths: 135,089 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — Miami-Dade mayor says "it won't be long" until county's hospitals reach capacity.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.

Lindsey Graham says he will ask Mueller to testify before Senate

Photo: Tasos Katopodis/Getty Images

Senate Judiciary Chairman Lindsey Graham (R-S.C.) tweeted Sunday that he will grant Democrats' request to call former special counsel Robert Mueller to testify before his committee.

The big picture: The announcement comes on the heels of Mueller publishing an op-ed in the Washington Post that defended the Russia investigation and conviction of Roger Stone, whose sentence was commuted by President Trump on Friday.