Russia and Saudi Arabia have agreed to extend their oil partnership indefinitely, with the agreement stipulating that they could move to regulate oil production at any moment, TASS reports, quoting Energy Minister Alexander Novak. “I think that the framework is the same (the current agreement). It will simply be institutionalized, and will not specify particular volumes. Most likely it will stipulate the possibility of decision-making if needed,” Novak said. The news is a confirmation of what everyone was expecting from the largest participants in the OPEC+ deal. However, the significance of this agreement is only hypothetical: the terms cited by Novak are very general and—hardly surprisingly—there are no stipulations concerning specific production volumes. Russia and OPEC are meeting next Friday to discuss the future of the production cut deal. Moscow and Riyadh have made it clear they are in favor of a return to higher production to keep a […]