Mubasher: Oil prices on Monday jumped after Russia agreed with Saudi Arabia to continue withholding their supplies for another six to nine months before a meeting of the world’s biggest producers this week, Reuters reported.

By 7:39 am GMT, US Nymex crude futures climbed by 3.04% to $60.25 per barrel (pb), while global benchmark Brent futures jumped by 3.04% to $66.71 pb.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, are meeting on 1 and 2 July to decide on maintaining their supply-cutting agreement, under which 1.2 million barrels per day (bpd) were withheld from the market.

Russian President Vladimir Putin on Sunday announced that the pact will remain in place in its current form and at the same levels, while Saudi Energy Minister Khalid Al Falih stated that it will be extended most probably by nine months and no another bigger cuts will be needed.

However, oil prices were recently pressured as US crude production surged and global economic growth lost pace.

Last April, US output hit a new record of 12.16 million bpd, according to the Energy Information Administration’s (EIA) monthly report.