OPEC Sends Strongest Signal That Cuts May Extend to End of 2018
- Group takes Putin comments about extension ‘very seriously’
- Russia, Saudis leading talks to prepare for Nov. 30 meeting
OPEC: Russia, Saudis Actively Involved on Extension
This article is for subscribers only.
OPEC sent its strongest signal yet that output cuts will be extended until the end of 2018, saying negotiations are taking their lead from Vladimir Putin’s tentative backing for a further nine months of curbs.
If the Organization of Petroleum Exporting Countries and allies including Russia decide they need to extend their supply deal, it should be done at least until the end of next year, the Russian President said in Moscow on Oct. 4. That statement is the basis for talks ahead of next month’s OPEC gathering, led by Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih, said OPEC Secretary-General Mohammad Barkindo.