Oil supply cuts put in place by the Organzation of the Petroleum Exporting Countries (OPEC) and other major suppliers led by Russia, OPEC+, need to last for at least another nine months, Moscow's Energy Minister Alexander Novak said on Saturday.
The minister pointed out that most OPEC+ members are ready to extend the cuts for six months, but added that changing the policy in the winter will be unlikely due to lower demand during the colder months, therefore leading to higher chances of a nine-month cut extension.
OPEC+ will meet on July 1 and July 2 to discuss if more production cuts are needed. Earlier, Russian President Vladimir Putin said that Russia and Saudi Arabia agreed to extend the oil production cuts.
