Russia's daily oil production approached 11 million barrels in recent months, hitting a record high since 1991, authorities said on Wednesday.
"Oil production amounted to 10.71 million barrels per day in August 2016, although it was down 1.6 per cent month-on-month. However, daily oil production increased by 0.1 per cent in August 2016 compared with the same month in 2015," Xinhua news agency reported citing the authorities as saying.
Under the deal, the two countries will form a working group to monitor the market and draft recommendations to stabilise oil prices and ensure steady investment in the industry.
Oil hit a 13-year low of less than $27 a barrel at the beginning of 2016.