OPEC, Russia considering 10-20 year oil cooperation deal

Saudi Crown PrinceOPEC and other non-OPEC countries cut oil production in 2017 to weather a price slump. (Image source: James N. Mattis/Flickr)Saudi Crown Prince Mohammed bin Salman said that OPEC is seeking a long-term deal with Russia and other non-OPEC countries to cooperate on oil output controls, according to a report by Reuters

“We are working to shift from a year-to-year agreement to a 10-20 year agreement. We have agreement on the big picture, but not yet on the detail,” the crown prince said in an interview with Reuters.

Saudi Arabia, Russia and other oil producers agreed to cut oil production in 2017 after a slump in oil prices hurt finances of the countries.

The crown prince told Reuters that an IPO of state oil giant Aramco could happen at the end of 2018 or early 2019 depending on market conditions.

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