Major oil producers have agreed to cut production by more than one million barrels per day in a bid to boost energy prices.
OPEC members, as well as countries allied with the cartel led by Russia, announced the plans on Friday, sending the price of Brent crude up almost five per cent.
The cuts are due to start in January and last six months.
The plans come as the industry is grappling with a roughly 30 per cent slide in prices since October.
The fall has been spurred by forecasts for lower demand, as well as a surge of shale production in the US.
Officials said OPEC would reduce output by 800,000 barrels per day, based on October's production levels.
Meanwhile, WTI Crude was jumped 3.73 per cent at $53.41, while Brent Crude was surging 4.15 per cent at $62.55.