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Russia calls to extend OPEC production cut deal

October 5, 2017 at 1:07 pm

Russian President Vladimir Putin has called to extend the agreement between the Organisation of Petroleum Exporting Countries (OPEC) and independent producers to cut oil production till the end of 2018.

“When we decide on whether to extend or not, we will decide on the timeframe. But on the whole, if speaking about a possible extension, this should be at least until the end of 2018,” Putin told an energy forum in Moscow attended by several OPEC oil ministers.

In January, OPEC members and independent producers cut oil production by 1.8 million barrels per day for six months in a bid to restore stability to oil markets. The deal was extended in May for another nine months and is due to expire in March 2018.

Qatar’s Energy Minister, Mohammed Al Sada, told reporters last month in Doha that there was a need to develop a plan for oil markets beyond March, adding that “one possible option is to extend the agreement”.

Last month, Kuwaiti Oil Minister Essam Al-Marzouq said it is too early to decide whether to extend the deal beyond March 2018.

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