6/29, 11:15 AM (Source: TeleTrader)
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Putin: Russia, S. Arabia agree to extend oil production cuts

Russian President Vladimir Putin announced on Saturday that his country and Saudi Arabia agreed on the need to extend oil production cuts for at least six more months and possibly into early 2020.

"We will extend this deal, Russia and Saudi Arabia. For how long? We will think about that. For six or nine months. It is possible that it could be up to nine months," Putin told reporters at the end of the G20 summit in Osaka, Japan

Putin's comments come ahead of a highly-anticipated meeting of OPEC and non-OPEC oil producing nations schedule for next Tuesday in Vienna. Last December, group of world's largest oil producers known as OPEC+ agreed to reduce daily oil output by 1.2 million barrels to prop up crude prices, but the agreement is set to expire at the end of June.

Breaking the News / FH