Saudi energy minister Khalid al-Falih said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed. "My preference will be nine (months)", he told reporters.
"Demand is softening a little bit, but I think it's still healthy", the Saudi minister said.
The Organization of the Petroleum Exporting Countries, Russia, and other producers have come together in recent years to form an alliance known as OPEC+ to help stabilize prices on global markets, either cutting back when prices dip or hiking output when they rise too quickly.
OPEC ministers are scheduled to meet on July 1 in Vienna to discuss their production policy for the next few months.
The agreement between Russian Federation and Saudi Arabia - two of the world's biggest oil producers - helped strengthen relations between the two countries, which previously had a relatively frosty relationship.
Stephen Innes, managing partner at Vanguard Markets in Bangkok, said oil prices could also be supported in the medium term because of geopolitical tensions in the Middle East and as China's central bank eases monetary policy to offset the impact from USA tariffs.
The OPEC plus Russian Federation production agreement has helped rescue low oil prices, which collapsed to around $30 a barrel in 2016. "It is possible that it could be up to nine months", Putin said.
For Moscow, there's an extra incentive to extend the curbs by nine months, as Russian oil companies struggle to raise production over the winter.
OPEC, a group of 14 countries pumping one-third of the world's oil, is holding a high-stakes meeting in Vienna on Tuesday. The group has reduced output by far more than it agreed, however, due to the impact of USA sanctions on Iranian and Venezuelan output.
"The strategic partnership within OPEC+ has led to the stabilisation of oil markets and allows both to reduce and increase production, depending on market-demand conditions, which contributes to the predictability and growth of investments in the industry", Dmitriev said.
Benchmark Brent crude has climbed more than 25% since the start of 2019. But prices may stall as a slowing global economy squeezes demand and U.S. crude floods the market, a Reuters poll of analysts found.
"OPEC had better ensure understanding between its members first", he said, adding, "Some neighboring states should stop pugnacity against Iran and appreciate our hand of friendship".
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