Riyadh – Mubasher: Saudi Arabian Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin have agreed to extend OPEC oil output cut deal by six to nine months, Reuters reported.
Following the agreed upon extension, the deal may be expired in March 2020.
“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 stated.
On Thursday, the Kuwaiti oil minister expressed his support for the extension of OPEC+ oil output cut agreement.
The Organization of the Petroleum Exporting Countries (OPEC) announced that its members and allies would hold their meeting on 1 and 2 July.
Oil production from OPEC dropped by 236,000 bpd to 29.87 million bpd last May, in May, hitting its lowest level for five years.
