Energy ministers from some of the world's largest oil producers have agreed to deepen recurring production cuts by an additional 500,000 barrels per day (b/d) through to March 2020.

OPEC and non-OPEC allies, often referred to as OPEC+, decided to implement tighter oil production policy at a biannual meeting in Vienna, Austria on Friday.

The new deal, which is much larger than many analysts had expected, will see OPEC+ reduce total oil output by 1.7 million b/d.

The energy alliance has said it plans to review the policy at an extraordinary meeting on March 5-6.

Oil prices rallied shortly after the OPEC+ announcement. International benchmark Brent crude traded at $64.70 on Friday afternoon, up around 2%, while U.S. West Texas Intermediate (WTI) stood at $59.63, over 2% higher.