OPEC may extend oil production pact with Russian Federation up to two decades

Crude Prices Flat as OPEC, Russia Mull 20-Year Oil Cooperation

Crude Prices Flat as OPEC, Russia Mull 20-Year Oil Cooperation

OPEC is seeking "very long-term" cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday.

Some OPEC producers and other countries participating in global output cuts have suggested extending the curbs beyond 2018 and up to the middle of next year, according to Iraq's Oil Minister Jabbar al-Luaibi.

"We have agreement on the big picture, but not yet on the detail", bin Salman says.

Saudi Arabia, which is the largest producer in OPEC, has attracted Russian Federation and other manufacturers to cooperate with the cartel when oil prices collapsed from over 100 United States dollars per barrel in 2014 to less than 30 USD per barrel in 2016.

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The Organization of Petroleum Exporting Countries and allies including Russian Federation agreed in late 2016 to cut production and then extended the limits until the end of this year in a drive to clear a glut in crude inventories.

Last week, Saudi Energy Minister Khalid al-Falih told Reuters that "we still have some time to go before we bring inventories down to the level we consider normal and we will identify that by midyear when we meet in Vienna".

A deal to extend the pact, which has boosted prices to around $70 now, was agreed in November.

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