BEIJING (Sputnik) — According to the statement, Russian and Saudi Arabia will propose to extend the Vienna agreement on oil output cuts for nine months at the upcoming ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC), scheduled for May 24-25.
"The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market… the joint actions of the participating producers should be extended by 9 months, through March 31, 2018," the statement said.
The statement reads that "the two ministers undertook to consult with their colleagues within the group and with other producers between now and May 24, with the goal of reaching full consensus on the 9-month extension of the Declaration of Cooperation."
The two ministers said that the proposal stipulates the extension of the Vienna agreement on the existing conditions.
"On the existing conditions," Falih said at a joint press conference with Novak in Beijing answering the relevant question.
"Our proposal is to keep the same conditions," Novak said.
Speaking at a press conference in Beijing after the meeting with Russian Energy Minister Alexander Novak on Monday, Saudi Energy Minister Khalid Falih that Russia and Saudi Arabia have come to the conclusion that the agreement should be extended until end of March of 2018.
"We have come to the conclusion, that the agreement should be extended until the end of March of 2018," Falih said at a press conference in Beijing following the meeting with Russian Energy Minister Alexander Novak.
Novak, on his part, said that the Russian Energy Ministry has already held a meeting with representatives of Russia's oil companies and discussed the possibility to extend the deal for nine months, and the parties have worked out a coordinated position regarding this issue.
"Of course, we discussed these issues with our companies, prior to the meeting with my counterpart, the Saudi Arabian [energy] minister. That is why, this is our common, consolidated position and approach," Novak said.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
