Russia and Saudi Arabia agree to extend OPEC+ oil output cuts

The cuts would remain the same for a period of up to nine months

OPEC+, Khalid al-Falih, Vladimir putin, OPEC

Russia and Saudi Arabia have agreed to extend the OPEC+ deal to cut output by six to nine months, Reuters reported, citing Russian President Vladimir Putin.

Putin spoke following talks with Saudi Crown Prince Mohammed bin Salman at the G20 summit in Japan, telling a news conference that the deal would be extended without changes to its specifics.

“We will support the extension, both Russia and Saudi Arabia. As far as the length of the extension is concerned, we have yet to decide whether it will be six or nine months. Maybe it will be nine months,” Putin said.

Saudi Arabia's energy minister, Khalid Al-Falih, said that the deal would probably be extended by nine months, according to Reuters. He does not see a need to deepen cuts.

The deal was struck in December 2018, and saw OPEC and its allies agree to collective production cuts of 1.2mn barrels per day. OPEC+ will meet on 1 July and 2 July to discuss the potential extension of output cuts.

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