(Bloomberg) -- Algeria said that OPEC+ may extend its latest oil supply curbs beyond the first quarter of next year, echoing comments from group leader Saudi Arabia.

The alliance’s cutbacks “aim to realign the international oil market with its intrinsic fundamentals rather than subjecting it to the irrational fluctuations of speculators,” Minister of Energy and Mines Mohamed Arkab said in a statement on Wednesday.

The announcement coincides with Russian President Vladimir Putin arrival in Saudi Arabia for a meeting with Crown Prince Mohammed Bin Salman, part of a rare foreign trip to strengthen partnerships with oil producers in the Gulf. In a separate statement, the two countries lauded the cartel’s influence on the oil market. 

The Organization of Petroleum Exporting Countries and its partners announced about 900,000 barrels a day of additional supply cuts on Nov. 30, but prices have continued to slump on concerns over plentiful supplies and slowing fuel consumption growth. Some crude traders are skeptical the group will fully implement its pledges.

Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that the 23-nation coalition could “absolutely” prolong the measures beyond the first quarter of next year, a sentiment echoed a day later by Russian Deputy Prime Minister Alexander Novak. 

Oil prices dropped to a five-month low below $70 a barrel in New York on Wednesday. US benchmark West Texas Intermediate slipped as much as 4.2% to $69.31. 

Putin arrived in Riyadh from Abu Dhabi, where his two-nation tour began earlier on Wednesday, according to Russian state TV. He held talks there with United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahya, during which both leaders touted the relationship between the countries and expanding economic ties. 

(Updates with detail throughout.)

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