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OPEC seeks "very long-term" cooperation with other oil exporters

29 March 2018

At the IHS CERAWeek conference in Houston earlier this month, Mohammed Barkindo, OPEC Secretary-General suggested that the oil group would continue its alliance with Russian Federation and other non-OPEC producers.

Iraqi Oil Minister Jabar al-Luaibi speaks during news conference at the ministry of oil in Baghdad, Iraq November 27, 2017.

OPEC and Russian Federation are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come.

Mohammed bin Salman, Saudi Crown Prince told Reuters that OPEC is looking for a long-term agreement of 10 to 20 years and the two sides have "agreement on the big picture, but not yet on the detail".

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. Russian Energy Minister Alexander Novak said in an interview that if the situation in the oil market required the deal to be extended into 2019, then Russia would agree to that.

Iraq's share is 210,000 barrels a day.

In addition, he said investment in the oil industry was increasing as oil prices recovered but had not yet reached the level before the downturn in 2014.

OPEC seeks