Crown Prince Mohammed bin Salman and Russian President Vladimir Putin have agreed to extend the OPEC+ oil output cut deal starting July 2019, said Saudi Energy Minister Khalid Al-Falih.

 

"The move will pave the way for reducing global oil stocks, balancing oil markets, and a recovery in investments to ensure future energy supplies," Al-Falih tweeted.

 

The agreement came during sideline meetings held between Prince Mohammed and Putin during the G20 summit in Osaka, Japan.

 

Al-Falih added that the Saudi-Russian partnership protects the interests of oil producers and consumers, and also maintains global economic sustainability.

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