Saudi Arabia's Energy Minister Khalid al-Falih said that the average oil stock between 2010 and 2014 is one of the options the Kingdom is studying to determine the level of global oil stocks to be reached.
Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal - which is due to expire on Sunday - would be extended in its current form and with the same volumes.
Trump is putting unprecedented pressure on OPEC and its de-facto leader Saudi Arabia, demanding they pump more crude to drive down fuel prices - a key domestic issue for him as he seeks re-election next year.
"So far it has been successful, therefore, it's not expected that the oil price will increase significantly in the next six months".
A senior Iranian official even mentioned during an interview that the country had no problems with an extension, even if it was made a decision to be much longer.
"Prices of commodities are down today as sluggish global economic indicators have stoked concerns over weakening growth, outweighing the nine-month extension of OPEC's output-cut deal", said Kim Kwangrae, a commodities analyst at Samsung Futures Inc.in Seoul. That would extend the deal to March 2020.
The meeting on Tuesday also agreed on a charter for long-term cooperation between OPEC and non-OPEC producers. "We're pretty much in a stalemate situation with the continued rise of USA production". Iran has denounced the sanctions as illegal and says the White House is run by "mentally retarded" people. Also attending were non-member producers including Russian Federation.
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He urged G20 leaders to discuss the issue, saying worldwide pressure could force China to change its stance toward the territory. Police waited them out before clearing out a few dozen remaining protesters at about 3am.
OPEC is slated to meet with Russian Federation and other producers later today to discuss supply cuts amid surging US output.
The West Texas Intermediate (WTI) and Brent crude oil benchmarks lost more than four percent Tuesday.
But recent Middle East tensions that threaten oil supplies have been offset by worries about the global economy, sending oil prices into a tailspin that is nearing a bear market.
Meanwhile, fears are mounting over the impact a supply cut could have on the global economy, as the United States and Iran remained at loggerheads after Washington imposed sanctions on Tehran following the downing of an American drone.
Russia, the second biggest global oil producer followed by number three Saudi Arabia, decided three years ago to hook up with OPEC to counter slumping oil prices.
The charter now replaces the "Declaration of Cooperation", which was reached in December 2016 between the two groups.
Once again, Iran has been exempted from the OPEC output cut deal, Zangeneh told the reporters.
He said it may be wise to extend the agreement by nine rather than six months to avoid raising output during weak seasonal demand.