The global oil market is going through a metamorphosis , and if the signs are right, a possible long-term partnership between OPEC and its former rivals, especially Russia, looks to be forming. UAE Minister of Energy, and OPEC chairman, Al Mazrouie reported yesterday that Saudi Arabia has proposed a conference to institutionalize an OPEC and non-OPEC Alliance. Al Mazrouie indicated that there will be a cooperation agreement signed between non-OPEC, led by Russia, and OPEC in the next three months. Next to this, the UAE minister said that “the declaration of co-operation will be used as a base and will be hopefully finalized in the next three months”. Looking forward, more developments can be expected after the signing of the March 2019 agreement. With the Christmas season in mind, the statement indicates that for 2019 the “Three Kings” will not be meeting on the 7th of January (as the […]