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 have shown confidence that supply cuts since January are starting to erode a glut. With additional help from rising demand, oil prices last week reached almost $60 a barrel, their highest in more than two years.
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.
