Putin says extending OPEC deal ‘possible’

24 oil producing countries agreed in late 2016 to reduce output by around 1.8 million barrels per day

MOSCOW: Russian President Vladimir Putin did not rule out on Wednesday a possible extension to a landmark OPEC agreement to cap oil output, speaking ahead of talks with the leaders of Saudi Arabia and Venezuela.

Twenty-four oil producing countries, including Saudi Arabia, other members of the Organisation of Petroleum Exporting Countries and Russia, agreed in late 2016 to reduce output by around 1.8 million barrels per day (bpd).



The deal, since extended to March 31, 2018, was aimed at reducing a global oil glut that had seen crude prices plummet from over $100 a barrel in 2014 to a 13-year low of under $30 last year.

“What we’ve done at OPEC serves the entire global economy well,” Putin told an energy forum in Moscow, suggesting the deal could be extended again.

“We will look at the situation in late March. I think this is possible,” he said.



Published in The Express Tribune, October 5^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.