"Extending the cuts until March 2018 would take account of the fact that demand in the first quarter of a year is lowest for seasonal reasons", said Commerzbank analyst Carsten Fritsch.
The ruble has historically tracked oil prices given the Russian economy's heavy reliance on the commodity.
Saudi Arabia's Energy Minister Khalid al-Falih (L) and Russia's Energy Minister Alexander Novak attend a joint briefing in Beijing, China May 15, 2017.
The market reaction reflected how far the commitment went beyond market expectations: the consensus view over the weekend was that the output deal would be extended through the end of the year, while some market participants were also concerned that Saudi Arabia and Russian Federation, the two biggest exporters, would abandon restraint completely rather than lose any more global market share to American producers. The production cut deal was brought about as an attempt to cut the supply and push up the prices of oil which had been falling over the last several months.
U.S. oil, or West Texas Intermediate (WTI) also soared by $1.43 to trade at $49.30 per barrel. The global benchmark crude ended the session at a $2.66 premium to July WTI.
OPEC members agreed in November to cut output by 1.2 MMbpd.
"The drop in net-length set the stage for the rally", Tamar Essner, a New York-based energy analyst at Nasdaq Inc., said by telephone.
OPEC is due to meet in Vienna, Austria, on May 25.
Saudi Arabia is the largest contributor among members of the Organization of Petroleum Exporting Countries to an agreement to balance an oversupplied market with managed production declines.
"The market will also be looking at export cuts and not just production cuts, which is what is required to rebalance the market".
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.
Amid the cutbacks, production in the US, which isn't part of the agreement, has risen to the highest level since August 2015. Output is poised to climb further in the months ahead as US explorers stage the longest drilling ramp-up since 2011.
"Add the potential default of Venezuelan bonds and the upcoming Iranian election, and we could see more support as prices get back what they gave back in the month of April".