Russian Federation might extend oil cut deal Opec, Vladimir Putin says

Russian Federation might extend oil cut deal Opec, Vladimir Putin says

Russian Minister of Industry and Trade Denis Manturov held a meeting yesterday with Saudi Arabia's Energy Minister Khalid al-Falih to discuss prospects for bilateral cooperation.

Together they produce about a quarter of the world's oil and past year clinched a deal created to eliminate a global supply glut, in part triggered by the rapid rise in American production. The relationship, which involves coordinated production cuts to eliminate an oversupply and joint energy investments, brings both short- and long-term gains, he said after a meeting in Moscow with his Russian counterpart Alexander Novak.

King Salman of Saudi Arabia will visit Russian Federation on Thursday, senior Kremlin aide Yury Ushakov was quoted by the TASS news agency as saying.

Al-Falih added that the deal reached by OPEC and non-OPEC countries in November 2016 in Vienna notably helped to stabilize oil prices. "In the years and decades to come, we want shale to continue to be a major contributor but we believe the pace of its growth will be more important".

Russian President Vladimir Putin distanced himself from President Donald Trump on Wednesday, dismissing the USA president as a man he's met once but has no personal relationship with.

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"It depends on a collective decision and consensus within OPEC, but I think there is no objection against this proposal", Iranian Oil Minister Bijan Zanganeh told Reuters when asked whether there were talks on deepening or extending the cut.

A thaw between Moscow and Riyadh helped reach November's deal in which Opec and 10 other oil-producing countries, including Russian Federation, agreed to cut their production in a bid to combat a supply glut and shore up crude prices.

Putin said that everything going on in this or that country is its internal matter.

The president stressed that Russian Federation is perfectly aware of the concerns of regional countries, including Iran, Turkey and Saudi Arabia.

Saudi Arabia wants to establish an worldwide center to fight terrorism under the aegis of the United Nations, Salman said. Even so, the group's own forecasts indicate that reversing the cuts when they expire at the end of March could potentially tip the market back into surplus due to supply growth elsewhere.

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