The Organization of the Petroleum Exporting Countries (OPEC) and other top crude producers agreed to raise output from July by about 1 million barrels per day (bpd).
Ahead of OPEC’s Vienna meeting, Saudi Arabia and Russia, the world’s top oil producers, said they had a general consensus that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond to monitor the market and change output if needed.
“A long-term partnership between Russia and Saudi Arabia related to the coordination of efforts between oil producers and the future creation of a new organization based on OPEC+ will help overcome disagreements between the producers and work out a united action strategy on the global markets,” Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF) told Reuters.
Dmitriev said that long-term Russia-Saudi cooperation “will ensure pricing stability on global markets and increase investments in the energy sector.”
At a meeting with the Russian President Vladimir Putin last week, Dmitriev said that Saudi Arabia agreed to invest $10 billion in Russia, of which $2 billion had already been spent.
Dmitriev told Reuters he expected investments between the two countries to double in the next three years. — Reuters
Source: Saudigazette