Russian President Vladimir Putin said on Saturday that Moscow and Riyadh had agreed to extend an agreement limiting oil production because of the world’s abundant supplies.
“We’ll extend the agreement between Russia and Saudi Arabia”, Putin told reporters after the G20 summit in Osaka. For the duration, we’ll think about it.
Maybe six or nine months.
This is likely to be up to nine months”.
Producers from within and outside the Organization of Petroleum Exporting Countries agreed in December to cut their daily production by 1.2 million barrels.
The 14-nation OPEC, which pumps about a third of the world’s oil supplies, is holding a very important meeting in Vienna on Tuesday.
The meeting comes as a result of the abundance of world oil supplies, according to OPEC and the International Energy Agency.
The agency cut its forecast for demand growth for 2019 for the second straight month.