Saudi Arabia, Russia agree OPEC+ format should be extended

Saudi Arabia and Russia generally agree that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond for oil market monitoring and joint action in case of need, Reuters reported, citing Alexander Novak, Russia’s energy ministry on Friday.

The two major oil producers planned to sign a mutual agreement which will draw their cooperation in the energy arena to a new level, the minister said.

The OPEC and non-OPEC nations’ meeting on June 22 in Vienna “will look into a number of options” to guarantee oil market rebalancing, an unnamed Gulf source said.

“Any action will happen after all the consultation and agreement of the 24 countries,” the source was quoted as saying.

OPEC and other oil producers agreed since 2017 to cut supply by 1.8 million barrels per day.