Putin: We agreed with Saudi Arabia to extend the OPEC agreement to reduce oil production
MOSCOW (Reuters) - Russian President Vladimir Putin said on Saturday Russia had agreed with Saudi Arabia to extend an OPEC deal to cut oil production by six to nine months.
"The agreement will be extended in its current form and in the same quantities," he told a news conference after talks with Saudi Crown Prince Prince Mohammed bin Salman on the sidelines of the G20 summit.
OPEC and its allies meet in the so-called OPEC + on July 1 and 2 to discuss a 1.2 million bpd cut in output. The agreement expires after June 30.
"We will support the extension, both Russia and Saudi Arabia, with regard to the extension period, we have not yet decided whether six or nine months may be nine months," Putin said.
The nine-month extension means that the agreement will continue to operate until 30 March 2020.