Oil cartel OPEC and a number of other oil-producing countries have reached an agreement to extend current production agreements to the end of July. Bloomberg news agency reports on Saturday afternoon.

OPEC +, a collaboration between OPEC countries and a number of other oil powers, has been agreeing a production quota since May. Since then, production has been limited to 9.7 million barrels a day.

The extension seems particularly good news for Russia and Saudi Arabia. Both oil powers expressed their dissatisfaction last week with countries, including Iraq and Nigeria, which would not honor the agreements made. In the meantime, these countries have also pledged to keep to the production extension.

The current oil cartel agreement expired at the end of June, after which the curtailment would weaken to 7.7 million barrels.