Oil ministers from three Opec countries, Saudi Arabia, Qatar and Venezuela, as well as Russia, agreed to freeze oil output at January levels, as long as others follow suit.
The announcement came after a meeting of the four in Doha.
The move is designed to support the oil price, which has fallen sharply in the past 18 months.
Hopes for such a move underpinned the oil price in recent days but oil fell back from earlier gains.
Saudi Arabian Oil Minister, Ali al-Naimi said “Freezing now at the January level is adequate for the market.
“We don’t want significant gyrations in prices, we want to meet demand. We want a stable oil price.”.