October 18, 2017 / 10:15 AM / in a month

OPEC, Russia likely to extend output cut deal: Total CEO

LONDON (Reuters) - OPEC and top oil producers are likely to extend a deal to curb output as Russia and Saudi Aramco agree on the need to support the market, the chief executive of Total (TOTF.PA) said on Wednesday

FILE PHOTO: Total Chief Executive Officer Patrick Pouyanne speaks during the launching of Total Spring in Paris, France, October 5, 2017. REUTERS/Charles Platiau

“Saudi Arabia and Russia have really embarked on this strategy to support the market,” Patrick Pouyanne told reporters on the sidelines of the Oil & Money conference

A visit by the Saudi king to Moscow recently “is a clear signal (that) it is in the interest of both countries to support the market ... I will not be surprised to see the extension,” he said.

OPEC and several non-OPEC producers agreed late last year on a six-month deal from January to reduce production in order to tackle a global supply glut. The deal has been extended until March 2018.

Reporting by Ron Bousso. Editing by Jane Merriman

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