OPEC delegates decided to cap daily production at 32.5 million barrels to 33 million barrels following discussions at the International Energy Forum in Algiers, Algeria.
The group estimates that countries currently pump about 33.24 million barrels per day, Reuters reports.
Specific output levels for each country will be determined at OPEC's upcoming meeting in November.
Crude oil (WTI) was rallying 2.53% to $48.24 per barrel and Brent crude was rising 2.24% to $49.78 per barrel this afternoon.
Separately, S&P Global Market Intelligence said today that Marathon Oil could thrive despite a "mediocre macro environment," Barron's reports, citing an analyst note.
The firm said it is "not expecting great things" on the macro level in the oil market, which "puts the onus on individual companies to do a better job than their peers."
"We see Marathon Oil with 2% production growth in 2017, which might seem mediocre too, but not in the context of its net debt to capital ratio (18%) and its free cash flow percentage for 2017 (128%)," the firm added, according to Barron's.
The exploration and production company is based in Houston.
More than 21.73 million shares of Marathon Oil have traded so far today vs. its 30-day average volume of 17.94 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.
You can view the full analysis from the report here: MRO