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Saudi - Russia Opec Oil Pact Article

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Saudi - Russia Opec Oil Pact Article

Post Wed Mar 28, 2018 8:40 am

Saudi Arabia and Russia are working on a long-term pact that could extend controls over world crude supplies by major exporters for years.
Saudi Crown Prince Mohammed bin Salman said that Riyadh and Moscow were considering a deal to extend a short-term alliance on oil curbs that began in January 2017 after a fall crash in crude prices.
“We are working to shift from a year-to-year agreement to a 10 to 20-year agreement,” the crown prince told Reuters on Monday.
“We have agreement on the big picture, but not yet on the detail.”
Russia, which has never been a member of the Organisation of Petroleum Exporting Countries (Opec), has worked alongside the 14-member cartel during earlier oil gluts, but such a deal between the two would be unprecedented.
Top Opec producer Saudi Arabia recruited Russia and other non-Opec countries to help drain a glut when oil prices collapsed from more than $100 a barrel in 2014 to below $30 in 2016.
Crude has since recovered to $70 but fast-rising output from US shale producers has capped prices.

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