Oil prices jumped more than $1 a barrel on Friday (March 5), hitting their highest levels in nearly 14 months.
It comes after OPEC and its allies, a group known as OPEC+, agreed not to increase supply in April.
The oil producers' group is waiting for a more substantial recovery in demand amid the health crisis.
Brent crude was up around 2 percent in morning trade.
Investors were surprised that Saudi Arabia agreed to maintain its voluntary cut of 1 million barrels per day, particularly as oil prices have rallied over the past two months.
Oil importing countries such as India and Turkey saw their currencies slip after the news.
India's oil minister told Reuters on Friday that the move would hurt consumers.
Analysts are reviewing their price forecasts to reflect the continued supply restraint by OPEC+, as well as U.S. shale producers.
They have been holding back spending in order to boost returns to investors.