Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal - which is due to expire on Sunday - would be extended in its current form and with the same volumes.
However, the decision to extend production curbs would continue to support oil prices, as OPEC looked to maintain market equilibrium, he said. The United States, one of the world's major oil producers, is not involved in the discussions and won't be bound by any agreement.
"With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014". Russian Energy Minister Alexander Novak later said the G-20 summit in Osaka last week made it easier to assess oil demand growth and gave hope there would be no more trade restrictions.
"I think Russia's influence is welcome", Falih said on Monday.
Falih added that Riyadh wanted to achieve a market balance for supply and demand - but that it needed non-OPEC players to step in.
The 10 non-OPEC nations present at the meeting at OPEC's headquarters in Vienna also included Mexico, Bahrain, Oman and Kazakhstan.
The United States and China agreed at the G20 summit to restart trade talks, but factory activity shrank across much of Europe and Asia in June while US manufacturing activity slowed to near a three-year low. Iran has denounced the sanctions as illegal and says the White House is run by "mentally retarded" people. Zanganeh said he may reject several side agreements meant to solidify the long-term collaboration between OPEC and Russian Federation and other oil producers.
Fernandez, who is also the Venezuelan Petroleum Minister, said that the meeting focused on recent oil market developments and immediate prospects as well as collaborative efforts by members.
The WTI and Brent crude oil benchmarks lost more than four percent Tuesday.
"The first being economic uncertainties tied to trade wars - despite this weekend's positive Trump-Xi meeting - that can weaken global oil demand growth, and the second more obvious one, which is strong US shale oil supply growth".
Oil has gained about 15 per cent since mid-June as tensions escalated in the Middle East and on signs of progress in resolving the US-China trade war. Some delegates said Iran might still put up a fight on Monday.
At the end of the meeting, OPEC members agreed to extend the supply cuts deal for another 9 months up until March 2020 and like the previous agreements, Iran was once again exempted from the cuts.
Heading into the meeting, OPEC heavyweight Saudi Arabia said the nine-month extension was the right move to make given the current market conditions.