Saudi Arabia and Russia reached a compromise on oil policy between the world’s largest producers, and agreed to maintain production levels until February and postpone any increase until March, according to officials familiar with the negotiations.

West Texas Intermediate crude futures, the U.S. crude gauge, surpassed $ 50 a barrel for the first time since February of last year on the agreement, before easing to $ 49.69, up 4.4% on the day. Brent crude, the international benchmark, rose 3.7 percent to $ 52.98 a barrel.

After failing to Approval of the deal on MondayThe two peoples said that the two sides are determined to complete the compromise solution later on Tuesday, at a scheduled meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and a group of major oil producers led by Russia.

On Monday, roughly Monday, OPEC met with 10 producers led by Russia, a group dubbed OPEC Plus, in their first monthly meeting to review global oil demand and their production strategy. Last month, they are It agreed to increase production by 500,000 barrels per dayThus, the net cuts since the start of the epidemic reached about 7.2 million barrels per day. The group plans to restore a total of 2 million barrels per day of production in the coming months.

Russia initially opposed an extension of restrictions last month and pushed for a 500,000 bpd increase for February, after winning a deal from the broader group for a similar increase in January. Delegates said Moscow had argued that oil demand would return as global vaccination programs begin to have an impact on the epidemic.