Accessibility links

Breaking News

Saudi Crown Prince: OPEC, Russia Consider Long-Term Oil Pact


FILE - A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producing countries in Vienna, Austria.

OPEC and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for
many years to come.

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering extending an alliance on oil curbs that began in January 2017 after oil prices crashed.

“We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in an interview in New York. ”We have agreement on the big picture, but not yet on the detail.”

Saudi Arabia recruited Russia and other producers to collaborate on oil supply curbs in 2017 after oil prices crashed and the Saudi oil minister said last week Riyadh hoped to extend that deal into 2019.

The crown prince said a flotation of 5 pct of state Saudi oil company Aramco could take place at the end of 2018 or early 2019, depending on market conditions.

XS
SM
MD
LG