Putin Says Russia, Saudi Arabia Will Extend OPEC+ Oil Pact
- Leaders spoke on sidelines of G-20 summit in Buenos Aires
- OPEC president optimistic OPEC+ will reach deal to cut output
A worker overlooks the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant, operated by Rosneft PJSC, in Novokuibyshevsk, Samara region, Russia.
Photographer: Andrey Rudakov/BloombergRussia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.
Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.