OPEC and Russia Outline Vision for Permanent Oil Alliance

1 Jun 2017   OPEC, Russia

OPEC and Russia added more detail to their vision for a permanent alliance between oil producers currently working to clear a global surplus. When the 24-nation coalition agreed last week to persevere with output cuts until March, officials from the Organization of Petroleum Exporting Countries and Russia spoke of continuing to co-operate beyond that point. OPEC Secretary-General Mohammad Barkindo and Russian Energy Minister Alexander Novak said in Moscow on Wednesday they’re considering how to formalize the partnership. “‘The cooperation and collaboration between us — OPEC and non-OPEC — will outlive the implementation process,” Barkindo told reporters. “We are putting in place, if you like, the building blocks for a Catholic marriage. We do not expect a divorce in this marriage.” OPEC and Russia overcame years of mutual distrust in December when they assembled the alliance to cut oil supply and try to end a three-year price slump that has […]

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