Russian President Vladimir Putin said on Wednesday a deal between OPEC and other oil producers to reduce production could be extended to the end of 2018, a longer time frame than others have suggested till now in the bid to curb a supply glut.
The pact between the Organization of the Petroleum Exporting Countries, Russia and other producers on cutting output by about 1.8 million barrels per day (bpd) is now due to expire in March.
"Everyone is interested in a stable market. What we did with OPEC, I believe, is beneficial for all the global economy," Putin told an energy forum in Moscow attended by several OPEC oil ministers.
"When we decide on whether to extend or not, we will decide on the timeframe. But on the whole, if speaking about a possible extension, this should be at least until the end of 2018," he said.