A deal to create a permanent alliance of OPEC oil producers and non-member exporters may be finalized in early July, Russian Energy Minister Alexander Novak said in an interview to the Nikkei publication
MOSCOW (Pakistan Point News / Sputnik - 14th June, 2019) A deal to create a permanent alliance of OPEC oil producers and non-member exporters may be finalized in early July, Russian Energy Minister Alexander Novak said in an interview to the Nikkei publication."OPEC, Russia and other non-OPEC countries will turn OPEC-non-OPEC into a permanent discussion group. There is a positive outlook for agreeing it in principle at a meeting in early July. OPEC-non-OPEC will serve as a long-term framework for cooperation in stabilizing oil prices," he said.
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers slashed oil output by a total of 1.2 million barrels a day in the first half of 2019. They have been meeting since late 2016 in an effort to deal with the production glut and shore up prices.
