OPEC President, Saudi Arabia's Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

Leonhard Foeger | Reuters

OPEC President, Saudi Arabia’s Energy Minister Khalid al-Falih, and OPEC Secretary General Mohammad Barkindo talk to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.

OPEC and non-OPEC oil giant Russia have agreed to extend oil output cuts until the end of 2018, following hours of discussions in Vienna, according to two reports.

Sources at the meeting told Reuters and Dow Jones that OPEC and non-OPEC reached an agreement that would extend the deal through the end of 2018.

The move was heavily telegraphed ahead of the decision, but the oil producers had earlier indicated they could exit the deal if they feel the market was overheating.

The producers will review the deal at the next OPEC meeting in June, Dow Jones reported.

Additionally, Nigeria and Libya, two OPEC members exempt from the deal, have agreed not to increase their output above 2017 levels, according to Dow Jones. Reuters earlier reported that Nigeria had agreed to limit its production, but Libya’s participation remained an open question on Thursday morning.

The deal to cut oil output by 1.8 million barrels a day was adopted by the 14-member OPEC cartel, Russia and nine other global producers. The initial agreement, arrived at in November 2016, was due to end in March 2018, having already been extended once.

Earlier Thursday, Saudi Energy Oil Minister Khalid al-Falih told CNBC thatOPEC’s consensus was “almost complete,” before adding he did not anticipate an exit from the deal in the first six months of 2018.

The agreement does not include U.S. shale oil producers and there are concerns that rising oil prices, largely thanks to the oil output cut, has allowed U.S. producers to come back online.

Ahead of the deal, however, Nigeria’s oil minister had insisted the group was “aligned” and was in agreement about extending the cuts, despite the risk of a strong comeback by U.S. shale oil producers.

This is a breaking news story, please check back for further updates.

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