Oil and Gas

Putin says extending oil output cuts will deliver stable oil prices

Russia's President Vladimir Putin looks on at a State Council meeting on Russia's environmental development in the interests of future generations, at the Moscow Kremlin on December 27th, 2016.
Alexei Nikolsky | TASS | Getty Images

Russian President Vladimir Putin said on Monday that extending oil output cuts for a further nine months would ensure stable oil prices.

Putin, speaking in Beijing, said extending the output cuts was the right thing to do.

"I have met with the heads of the companies ... and we support the proposal," said Putin, who said it was right that Russia was choosing how to approach the issue itself.

He was speaking after Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday on the need to extend the cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices.

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