Russsia’s Energy Minister, Alexander Novak said the agreement is to boost Oil price and ensure that the country’s oil market remains balance.

The current production cut agreement, in force from January 2017,has removed a combined 1.8 million barrels of crude per day from the market to help the market re-balancing.

The broader cooperation is seen as an evolution to the current production cut deal.

OPEC nations will meet on December 6th to discuss further output cut deal.