Saudi Crown Prince Looks To Build The Largest Oil Cartel In History

Despite being an OPEC non-member Russia has worked alongside 14 oil exporting

Despite being an OPEC non-member Russia has worked alongside 14 oil exporting

Russian Federation and OPEC member Saudi Arabia are seeking to extend oil market cooperation for decades to stabilise crude prices.

Saudi Crown Prince Mohammed bin Salman said that the Organization of Petroleum Exporting Countries (OPEC) and Russian Federation are working on a long-term deal to cooperate on oil supply curbs.

"We are making an effort to move from an agreement that we negotiate year to year, to a 10-20 year agreement", said Mohammad Bin Salman Al Saud.

In theory, a formal announcement of such an extension would boost crude prices, which is critical for the Saudis to maximize the value of their initial public offering of Saudi Aramco, which the crown prince said could take place at the end of 2018 or early 2019, depending on market conditions.

A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi said on Wednesday.

"History shows that without a long-term, powerful, competent coherent, disciplined swing producer in the oil markets ... you get space-mountain oil prices".

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The U.S. shale boom has put pressure on OPEC and its allies to curb production to help prevent another price collapse.

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 Syria, where they back opposing sides.

It also needs higher oil prices so its state energy giant, Aramco, can achieve the $2 trillion valuation it is aiming for to support a successful stock market listing.

In an attempt to end Saudi Arabia's reliance on oil, he is leading a push to diversify the Saudi economy away from oil and gas by 2030.

In October, Saudi Arabia's King Salman visited Russian Federation, and provided investment and political support for its economy, crippled by Western sanctions.

"The architecture of this framework is still a work in progress", Barkindo said.

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