OPEC wants long-term partnership with producers

The Organization of the Petroleum Exporting Countries (OPEC) is seeking a "long-term" cooperation with other oil exporters, said the Secretary-General of the group this Wednesday.

The comment of the secretary Mohammad Dekindo comes after news that Saudi Arabia, the largest exporter of OPEC, and Russia, which is not part of the group, work on a long-term pact that would extend the controls on the global oil supply of large Exporters for up to 20 years.

The prince Saudi heir Mohammed bin Salman announced the plan in an interview with Reuters. Russia, the world's largest oil producer, has worked with the 14-member OPEC block on previous occasions of oil oversupply to reduce production and raise prices, but a 10 to 20-year agreement between the country and the cartel would be unprecedented.

"We are seeking a long-term cooperation between OPEC producer countries and non-OPEC producer countries," said Mr. Trikindo at an energy conference in Baghdad.

Participating States of OPEC, Russia and several other non-bloc producers agreed to limit the offer from January 2017 to raising oil prices, which plummeted from more than 110 dollars per barrel in 2014 to less than $30 in 2016.

The pact, which boosted prices for the house of $70, was extended in November, and now the cuts are expected to happen by the end of 2018. He also said that in addition to the 24 countries that signed the agreement in November, there are still six other producer countries that have shown interest in the pact. Source: Extra Newspaper

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