Putin says oil pact with OPEC may be extended to end of 2018

Описание: #oilwire - President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March.

The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. Energy Minister Alexander Novak last month signaled willingness to prolong the cuts if needed, while also making clear the commitment wasn’t open-ended.

“Based on the realities in March 2018, we will make our decision, but I do not rule out that we may extend” the agreement, Putin said at the Russian Energy Week conference in Moscow on Wednesday. “If we speak about a possible extension, then of course, it should be at least until the end of 2018.”

Brent crude pared losses to reach an intraday high of $55.89/bbl following Putin’s comments. The international benchmark was down 0.4% at $55.78 in London.