Russia has agreed with Saudi Arabia that it would be good to extend the existing production restrictions for oil extraction by six to nine months. Russian President Vladimir Putin said that at the G20 summit in Japan.
With this, the oil countries are responding to the renewed pressure on oil prices as a result of rising American oil stocks and weakening economic growth in the world. Putin spoke in Osaka, Japan, with, among others, the Saudi crown prince Mohammed bin Salman.
The members of the OPEC oil cartel and cooperating countries, including Russia, meet in Vienna on Monday and Tuesday. Then they will discuss the matter again and make a joint decision. According to Saudi energy minister Khalid al-Falih, the agreements are likely to be extended by nine months until March 2020. According to him, it is not necessary to cut harder in oil production than previously agreed.