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OPEC (Organization of the Petroleum Exporting Countries) and Russia are reaching a long-term agreement
on cooperation on oil supply restrictions.
Could the agreement be extended for global oil in the coming years? Control
of supply.
OPEC and Russia are considering a 10-20 year long-term deal to limit oil supplies
Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering extending the oil containment alliance
.
The alliance began in January 2017 after the collapse in
oil prices.
"We're trying to move from a year-to-year agreement to a 10-20 year agreement
.
" Salman told Reuters in an interview in New York, "We have agreed on the big picture, but we have not yet elaborated
.
" ”
When oil prices fell from more than $100 a barrel in 2014 to below $30 a barrel in 2016, Saudi Arabia, OPEC's most important producer, sought cooperation from Russia and other producers
.
While crude prices have recovered to $70, rapid production growth from U.
S.
shale producers has limited prices
.
Russia, which has never been an OPEC member, has worked with OPEC on past oil tensions, dating back to 1990, but a 10-20 year agreement between the two would be unprecedented
.
，
OPEC (Organization of the Petroleum Exporting Countries) and Russia are reaching a long-term agreement
on cooperation on oil supply restrictions.
Could the agreement be extended for global oil in the coming years? Control
of supply.
OPEC and Russia are considering a 10-20 year long-term deal to limit oil supplies
OPEC and Russia are considering a 10-20 year long-term deal to limit oil suppliesSaudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering extending the oil containment alliance
.
The alliance began in January 2017 after the collapse in
oil prices.
"We're trying to move from a year-to-year agreement to a 10-20 year agreement
.
" Salman told Reuters in an interview in New York, "We have agreed on the big picture, but we have not yet elaborated
.
" ”
When oil prices fell from more than $100 a barrel in 2014 to below $30 a barrel in 2016, Saudi Arabia, OPEC's most important producer, sought cooperation from Russia and other producers
.
While crude prices have recovered to $70, rapid production growth from U.
S.
shale producers has limited prices
.
Russia, which has never been an OPEC member, has worked with OPEC on past oil tensions, dating back to 1990, but a 10-20 year agreement between the two would be unprecedented
.
，
