MOSCOW, October 4. /TASS/. Russian President Vladimir Putin considers it 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

Speaking at a panel discussion during the Russian Energy Week, the President said:

"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 - TASS)," he said.

"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 honor to welcome the King of Saudi Arabia very soon in Russia. We will certainly talk about it [extension of the agreement with OPEC]."