It is possible to extend the agreement with Opec on oil production reduction, but it is necessary to proceed from the situation on the oil market in March 2018, when the term of the current agreement expires, said Russian President Vladimir Putin.

"We are in constant dialogue (with partners) and, depending on the situation in March 2018, we will make a decision on the need to extend the agreement with Opec to reduce oil production,” Putin was quoted as saying by Russian news agency Tass.

"I do not rule out that we may extend it," Putin said.

"We are in contact with our key partners, both with Opec in general, and with the main producers. We will have the pleasure and honour to welcome the King of Saudi Arabia very soon in Russia. We will certainly talk about it [extension of the agreement with Opec]."