Exclusive: OPEC, Russia consider 10-20 year oil cooperation – Saudi Crown Prince

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NEW YORK (Reuters) – OPEC is seeking a long-term deal to cooperate on oil output controls with Russia and other non-OPEC producers, said Saudi Crown Prince Mohammed bin Salman.

The Russian flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

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

Saudi Arabia recruited Russia and other producers to collaborate on oil supply curbs in 2017 after oil prices crashed and the Saudi oil minister said last week Riyadh hoped to extend that deal into 2019.

The crown prince said a flotation of 5 pct of state Saudi oil company Aramco could take place at the end of 2018 or early 2019, depending on market conditions.

Reporting by Stephen Adler, Richard Mably and Yara Bayoumy, Editing by Franklin Paul



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