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Oil prices increased on Monday after major producers Russia and Saudi Arabia said that they are willing to support extending oil production cuts into the first quarter of 2018. 

The two countries, along with nations in the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC countries are set to review current limits later this month.

Russia's energy ministry said extending the cuts, which were came into force in November, through to 31 March 2018 would demonstrate "producers' determination to ensure stability, predictability and incremental development of the market".

The ministry added that Saudi and Russian officials will meet with representatives of other oil producing nations "with the aim of achieving complete consensus" on the extension.

Earlier this month, Saudi Arabia's oil minister indicated that his country would back an extension to the cap.

"Based on the consultations I have had with participating members I am rather confident the agreement will be extended into the second half of the year and possibly beyond," Saudi Oil minister Khalid al-Falih said at the Asia Oil and Gas Conference in Kuala Lumpur. 

Kazakhstan's Energy Minister Kanat Bozumbayev responded to the announcement by saying that his country "should follow the trend", according to Russia's RIA Novosti agency. 

Iraq, Azerbaijan and Algeria have also indicated their willingness to see the production caps through to the end of the year.