OPEC delegates met this week at the International Energy Forum in Algiers. The countries agreed to cap daily output levels at 32.5 million barrels to 33 million barrels.
The organization estimates that it is currently producing about 33.24 million barrels per day, Reuters reports.
Specific levels for each country will be determined at an upcoming meeting in November.
Crude oil (WTI) was up 1.15% to $47.59 per barrel while Brent crude was rising 0.84% to $49.10 per barrel this morning following the agreement.
Separately, billionaire investors Carl Icahn cut his stake in Transocean to 1.5% from 5.88% late yesterday, CNBC reported, citing an SEC filing.
Icahn said that the Swiss offshore driller's CEO Jeremy Thigpen and his team have done an "outstanding job" amid a difficult market, but he must reduce his stake to recognize a capital loss for tax planning purposes.
But he added that he still has "confidence" in the company going forward.
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 "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: RIG