Russia and several other non-Opec nations have pledged to curb oil production next year at a meeting in Vienna, joining forces with the Organization of Petroleum Exporting Countries to end a global glut that’s crashed oil prices and shaken energy-rich economies.

The pact - the first between the two sides in 15 years - involves a reduction of about 600,000 barrels a day from non-OPEC countries, reported Bloomberg, citing delegates familiar with the situation.

The agreement represents the strongest effort yet by oil-rich countries, from giants such as Saudi Arabia and Russia to tiny producers including Bolivia and Equatorial Guinea, to end a market share war that has shaken investors, hit energy companies and damaged economies, it stated.

Oil prices have surged more than 15 per cent since Opec announced it will cut production for the first time in eight years, rising this week briefly above $55, more than double their January low.

The pact comes two weeks after Opec agreed to reduce its own production by 1.2 million barrels per day (bpd). It’s unclear whether the non-Opec curbs agreed today include natural declines from countries such as Mexico, or consist entirely of genuine production cuts, stated Bloomberg in its report.

Russia had already announced it plans to output by 300,000 bpd next year, down from a 30-year high last month of 11.2 million bpd.

In a surprise move, Kazakhstan has pledged a modest output cut after coming under strong diplomatic pressure, delegates said, asking not to be identified before an official announcement, stated the report.

The International Energy Agency expected the Asian nation to boost production in 2017 by 160,000 barrels a day after a giant oilfield started pumping.

"Emotionally market will likely rally," said Adam Ritchie, founder of AR Oil Consulting. "But beyond rebalancing supply and demand, we have excess inventory that is astronomic that will continue to keep a lid on prices.”

Opec production reached an all-time high of nearly 34.2 million barrels a day, well above the group’s target of 32.5 million barrels a day from January. Libya and Nigeria are exempted from the Opec output cuts, while Iran has some room to boost its output.

Russia and Oman will join Opec members Algeria, Kuwait and Venezuela on the committee to oversee implementation on the accord, a delegate said.

Riyadh this week informed customers in Europe and North America that it would supply less oil in January than December, reassuring Russia and others in the non-Opec camp that the oil club is making good on its cuts. The UAE said on Saturday that it will take similar action.