Earlier on Saturday, Putin said after meeting the Saudi crown prince that the two countries had agreed on a common position on the future OPEC+ deal and would support its extension with the already agreed limits on oil production for a period of six or nine months.
"During the bilateral meeting on the sidelines of the G20 summit, Russian President Vladimir Putin agreed with His Highness [Saudi] Crown Prince Mohammed Bin Salman to extend the current agreement of OPEC+ countries on reducing the production from the beginning of July, which will pave the way for the reduction of world reserves, thus helping to balance markets, restore investment to ensure future energy supplies," Falih said on Twitter.
في لقاء ثنائي على هامش #قمة_العشرين اتفق الرئيس الروسي فلاديمير بوتن مع سمو #ولي_العهد، على تمديد الاتفاق الحالي لخفض الإنتاج لدول أوبك+، بدءًا من يوليو ٢٠١٩، مما سيمهد إلى خفض المخزونات العالمية، وبالتالي توازن الأسواق، وتعافي معدلات الاستثمار لضمان إمدادات الطاقة المستقبلية. pic.twitter.com/i370HWCxuO— خالد الفالح|Khalid Al Falih (@Khalid_AlFalih) June 29, 2019
In December 2018, OPEC and several non-cartel producers clinched an oil output cut deal, agreeing to reduce overall production by 1.2 million barrels per day starting from 2019. OPEC pledged to reduce production by 800,000 barrels per day, while non-OPEC countries agreed to reduce it by 400,000 barrels per day. The further fate of the OPEC+ agreement, including the possibility of its extension into the second half of 2019, will be determined at meetings on Monday and Tuesday in Vienna.