OSAKA/VIENNA (Reuters) – Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output, Russian President Vladimir Putin said, as oil prices come under renewed pressure from rising U.S. supplies and a slowing global economy.
Saudi Energy Minister Khalid al-Falih said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed.
Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal – which is due to expire on Sunday – would be extended in its current form and with the same volumes.
Read more ….
Putin Says Russia and Saudi Arabia Agreed to Maintain Oil Cuts for as Long as 9 Months — Bloomberg
OPEC and Russia Seek to Support the Price of Oil — The New York Times
Russia Completes Its OPEC Takeover With Deal With Saudis — Bloomberg