World Bulletin / News Desk
If the OPEC, non-OPEC oil production cut deal is extended beyond the March 2018 deadline, the agreement should be at least until the end of 2018, Russian President Vladimir Putin said Wednesday.
Russia is determined to work to mutually benefit OPEC countries while completely fulfilling its obligations under the oil production cut pact between OPEC and non-OPEC producers, Putin told the Russian Energy Week forum in Moscow.
He said the oil market was currently rebalancing, but asserted that energy demand would shift to the Asia-Pacific region amid the development of new markets over the next decade.
"Hydrocarbons will still have an important part to play in the global energy basket. There will be growth of fuel competition between the new sources and traditional energy sources," he noted.