OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter, sending oil prices more than 6% higher as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014.

The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency reported.

OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling.

OPEC is making a last-ditch effort to rescue an organization many dubbed dead only weeks ago by working on a deal to restore unity among some of the world’s largest oil exporters as ministers gathered in Vienna.

Oil fell after output talks April 17 between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.

Major oil producers are likely to meet in April to discuss a proposal to freeze output at January levels to stabilize the market, according to four Gulf OPEC delegates.

Oil prices may have passed their lowest point as shrinking supplies outside OPEC and disruptions inside the group erode the global surplus, the International Energy Agency said.

The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.

Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency.