Russian president not ruling out extension of OPEC+ deal

The OPEC + deal to reduce oil output can be extended for six to nine months, said Russian President Vladimir Putin.

Speaking at a press conference about the results of his meeting with the Saudi Crown Prince as part of the G20 summit in Osaka, the Russian leader said that the two countries agreed on a unified position on the future OPEC + deal and will support its extension with the current volume of oil production cuts.

The deal between OPEC and a number of non-member states (OPEC +) to reduce oil production has been in effect since the beginning of 2017. In the first half of 2019, it was agreed in the amount of 1.2 million barrels per day from the level of October 2018 with Russia accounting for 228,000 barrels. The issue of extending the deal and the volume of production quotas will be discussed in Vienna at the upcoming July 1-2 ministerial meeting.

It should be noted that currently Azerbaijan has reduced production in accordance with the quota - by 2.5%, that is, by 20,000 barrels per day.