Russia, Saudi agree to extend oil cuts for as long as 6 to 9 months: Putin

The current deal removed 1.2 million barrels a day of OPEC+ production, helping to send oil prices higher

Russian President Vladimir Putin said he agreed with Saudi Crown Prince Mohammed Bin Salman to extend the current OPEC+ deal at current production levels for the rest of this year and potentially into early 2020.

The comments, at the Group of 20 summit in Japan, all but make the outcome of the OPEC meeting July 1-2 in Vienna a foregone conclusion, and further reinforce Putin’s role as the ultimate policymaker within the group.

Saudi Arabia and Russia ended years of animosity in 2016 to join forces to manage the global oil market in an effort to prop up prices. The