Putin hints oil cuts with OPEC could be extended

Russian President Vladimir Putin said yesterday that a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a bid to curb the supply glut.

The pact between the Organisation of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is currently due to expire in March 2018.

“Everyone is interested in a stable market. What we did with OPEC, I believe, is beneficial for all the global economy,” Putin told an energy forum in Moscow attended by several OPEC oil ministers

“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.”

The Russian president’s comments raise the prospect of a longer extension than others in the oil sector’s higher echelons have mooted.