Extension of OPEC+ deal depends on market conditions: Putin

Russia will continue its cooperation with OPEC but will take a call on extension of the OPEC+ output cut deal based on market condition, TASS reported, citing President Vladimir Putin.

“We will closely monitor the market, but we will continue cooperation with OPEC," he told at a conference in St. Petersburg.

The president clarified that Moscow would decide on a “possible extension” of the OPEC+ deal, depending on the market.

Meanwhile, Russian Minister of Energy Alexander Novak said the recovery of oil production in the framework of the OPEC + alliance after June is possible if there is unmet demand on the market.

"Different decisions may be made in May - June. Recovery of production may be affected, if demand is higher than supply and needs to be met," he said.

In December 2018, OPEC and its allies agreed to reduce oil production by 1.2 million barrels per day for the first six months of 2019.