MOSCOW TIME: 18.07.2018 13:29:42

Economy

Russia, Saudi Arabia agree on termless extension of OPEC+ deal energy minister

Russia, Saudi Arabia agree on termless extension of OPEC+ deal  energy minister

Russia and Saudi Arabia have agreed a termless extension of the OPEC+ deal at the Moscow meeting, Russias Energy Minister Alexander Novak said Saturday, adding that the agreement stipulates output regulation at any moment.

"I would like to point out that two days ago the meeting between Saudi Arabia’s Crown Prince Mohammad bin Salman and Russian President Vladimir Putin in Moscow saw one of historic decisions - to extend the collaboration between the countries, the so-called OPEC+ agreement for an unlimited period of time," he said.

"I think that the framework is the same (the current agreement). It will simply be institutionalized, and will not specify particular volumes. Most likely it will stipulate the possibility of decision-making if needed," Novak explained.

"Previously they also stood for an extension. The only thing was to seek for a cooperation format," he said, adding that the issue would be "discussed with all participants of the agreement."


Source:www.tass.com

:

Russia Saudi Arabia OPEC energy

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