Saudi Arabia and Russia are working on a long-term deal to extend their alliance on oil curbs that began in January 2017, after a crash in crude prices. “We are working to shift from a year-to-year agreement to a 10-20 year agreement,” Saudi Crown Prince Mohammed bin Salman told Reuters news agency. “We have an agreement on the big picture but not yet on the details.” Saudi Arabia has led the Organisation of the Petroleum Exporting Countries (OPEC) and allies outside the cartel to join forces to stabilise oil prices. In 2014, oil prices plunged from over $100 a barrel to below $30 a barrel, shaking the economies of oil-producing nations. Crude prices have since recovered to $70 a barrel, but the fast-rising output from US shale producers has capped prices. Russia is not a member of OPEC but has worked alongside the 14-member group during previous oil surpluses. Moscow’s involvement until now has been considered unique, but a 10 to 20 year deal between the two would be unprecedented. Cementing Saudi-Russian relations News of the potential oil alliance came at a time when the two countries have been working to cement an economic relationship, despite their differences over the conflict in… Read full this story
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