February 21, 2018
Russia and OPEC may have a more formal arrangement binding them together over the next few months.
The Organization of the Petroleum Exporting Countries hopes to finalize the framework of a long-term partnership with non-OPEC producers such as Russia by year-end, the group’s president said Tuesday.
Suhail al-Mazrouei, the energy minister of the United Arab Emirates and temporary OPEC president, made the announcement at International Petroleum Week, an oil and gas conference in London happening over the next three days.
“He was among a host of speakers Tuesday morning including BP PLC Chief Executive Bob Dudley, according to the Wall St. Journal.
“Mr. al-Mazrouei’s announcement confirmed speculation in recent days that OPEC and Russia are looking to solidify their energy alliance.
“The 14-member-strong OPEC and 10 producers outside the group agreed over a year ago to production cuts of a combined 1.8 million barrels a day, but there have been doubts Russia, the world’s largest oil producer, will continue the effort in the long run.”