Saudi Arabia is considering a long-term pact with Russia that could extend controls over world crude supplies by major petroleum exporters for several years, according to a Reuters report on Tuesday. Saudi Crown Prince Mohammed bin Salman said that Riyadh and Moscow were considering a deal to extend a short-term alliance on curbing oil output that dates back to January of last year following a collapse in crude oil prices. Prince Mohammed hopes to shift from a year-to-year agreement to a 10 to 20 year agreement. “We have agreement on the big picture, but not yet on the detail,” he said.Read More
Saudis, Russians considering long-term oil production pact Saudi Arabia is considering a long-term pact with Russia that could extend controls over world crude supplies by major petroleum exporters for several years, according to a Reuters report on Tuesday. Saudi Crown Prince Mohammed bin Salman said that Riyadh and Moscow were considering a deal to extend a short-term alliance on curbing oil output that dates back to January of last year following a collapse in crude oil prices. Prince Mohammed hopes to shift from a year-to-year agreement to a 10 to 20 year agreement. “We have agreement on the big picture, but not yet on the detail,” he said.Read More
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