Russia open to a long-term formal alliance with Opec:
"The alliance between Opec and Russia that co-ordinated historic oil-output cuts could last “indefinitely” and be formalised by setting up a new organisation including other major producers, said Russian Energy Minister Alexander Novak.
The production limits agreed by Opec, Russia and allies including Mexico and Kazakhstan have efficiently relieved a global oversupply, Novak told reporters in Moscow on Thursday. This mechanism could be used again to offset future imbalances in the oil market, he said.
“If we keep co-operating, we are giving a signal that we can take joint actions at any time to improve the market,” Novak said. While no decision has been taken yet, ministers from the 24 nations that participate in the current oil-output pact – which expires at the end of the year – will discuss the outline of the plan later this month, he said."
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