Russia and Saudi Arabia have agreed to extend by six to nine months a deal with OPEC on curbing oil production - a move meant to keep global supplies at or below current levels, Russian President Vladimir Putin said on Saturday.
Speaking after talks with Saudi Crown Prince Mohammed bin Salman at the G-20 Summit in Osaka, Japan, Putin told a news conference the deal would be extended in its current form, and with the same volumes.
"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.
"In any event we will support the continuation of agreements, both Russia and Saudi Arabia, in the volumes previously agreed."
The Organization of Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on July 1-2 to discuss the deal that involves curbing oil output by 1.2 million barrels per day. The pact expires after June 30.
Brent crude ended the day Friday at $58.20 a barrel, down $1.08.
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