LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Putin says oil cuts with OPEC could last to end of 2018

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Oct 04, 2017
11:07 pm
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested, in a 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."

The Russian president`s comments raise the prospect of a longer extension than others have mentioned. Saudi Energy Minister Khalid al-Falih and other OPEC ministers have suggested prolonging the deal by months but not until the end of 2018.

The participants in the output deal are showing more confidence that the supply cuts, which began in January, are starting to erode a glut. With help also from rising demand, oil last week reached almost $60 a barrel, its highest in more than two years.

Putin said he expected the world oil market soon to be balanced. Oil, which began to slide from more than $100 in mid-2014 due to excess supply, was trading just below $56 on Wednesday.

Russian Energy Minister Alexander Novak said the possibility of extending the pact to the end of 2018 had been discussed at his meetings in Moscow on Wednesday with fellow energy ministers. He met ministers from Venezuela, Qatar and Iran.

"They are also ready, in the case of necessity, to secure an extension of the deal," Novak told reporters.

OPEC ministers attending the Moscow event said they were considering extending the deal or making a deeper cut. The accord has already been extended once at OPEC`s last meeting in May, but producers have so far balked at a larger cut.

"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.

Asked to specify whether he meant no objection to deeper cuts, he replied: "Yes. I`m discussing."

Venezuela`s oil minister, Eulogio del Pino, also said there were discussions on whether to cut further or extend the deal.

Any move would also require the support of OPEC`s de facto leader Saudi Arabia. Falih said in July that an extension of the agreement would most likely be needed into the second quarter of 2018 as a minimum.

OPEC has been urging other producers to join the supply pact but has yet to secure pledges to do so. Del Pino said an extra 10 to 12 producing countries in South America and Africa had been invited to participate.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

Bigg Boss 14: Rakhi Sawant, Rahul Vaidya, Nikki Tamboli, Abhinav Shukla- Desperate tricks that backfired badly

Budget 2021: Tough balancing act for govt, says Report

Adidas unveils ULTRABOOST 21, a fresh update of the brand’s most successful ever running franchise

RBI Grade B 2021 Notification News: Bumper vacancies at Reserve Bank of India! Check how to apply online at rbi.org.in

HBO Max in early talks to make 'Harry Potter' series

Homefirst Finance IPO Share Allotment Status: Here is how to check subscription - Step by step guide

Republic Day 2021: LIVE! Tricolour unfurled at Rajpath in presence of President Ram Nath Kovind, Prime Minister Narendra Modi

Kangana Ranaut: Indians supporting farmers' protests are ''terrorists'', should be jailed

Stock Market Tips With Anil Singhvi: Vikas Sethi recommends these two fabulous shares to buy for whopping returns

Noida, Greater Noida, Jewar alert! Section 144 by Police till this date - Check order by Gautam Buddh Nagar Commissioner

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved