Lukoil pump jacks in Kogalym, Russia. Photo: Reuters, Sergei Karpukhin

On Monday, top energy officials for Russia and Saudi Arabia both expressed confidence that cuts in oil production would be extended, reports Bloomberg.

The two countries are the largest of 24 producers that had signed on to the original agreement.

Following talks with other nations participating in the deal, Saudi Arabian Minister of Energy Khalid Al-Falih said he was “confident the agreement will be extended into the second half of the year and possibly beyond.”