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MOSCOW (Reuters) – Russia and Saudi Arabia have announced their position on extending the Opec + deal, but other nations' decision is also necessary, Kremlin spokesman Dmitry Peskov said.
Moscow – .. Piskov told reporters on Monday that Russia and Saudi Arabia had announced their position on the extension of the OPEC + deal, but the decision of other countries was also necessary.
The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo said Monday that Russia and Saudi Arabia are supporting OPEC and are committed to the market to maintain its stability.
"President Vladimir Putin and Crown Prince Mohammed bin Salman, very welcome, show our leaders' commitment to market stability and OPEC support, plus OPEC + to continue this," Barkindo told .. "Not only to maintain market stability but also to strengthen it in different seasons and times."
Russian President Vladimir Putin said Saturday that the two countries had developed a unified vision for the future of the OPEC deal and would call for an extension with the current rate of production cuts. The agreement can be extended for an additional six or nine months.
The OPEC + deal to cut crude oil production came into effect in early 2017. It was agreed that the total reduction in the first half of 2019 would be about 1.2 million barrels per day from the October 2018 level, Russia's share is 228 thousand barrels.
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