Saudi Arabia, Russia agree to extend oil pact up to 9 months: report

Saudi Arabia and Russia have agreed to extend OPEC’s oil output cut deal by six to nine months, Reuters reported, citing Russian President Vladimir Putin.

After a meeting with Crown Prince Mohammed bin Salman on the sidelines of the G20 summit in 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. 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 was quoted as saying.

The Organization of Petroleum Exporting Countries (OPEC), Russia and other producers (aka OPEC+) will meet on July 1-2 to discuss the deal, which involves curbing oil output by 1.2 million barrels per day (bpd) and was supposed to expire June 30.