Russia-Saudi oil cooperation to bring stability to markets - RDIF's Dmitriev | ZAWYA MENA Edition

Russia-Saudi oil cooperation to bring stability to markets - RDIF's Dmitriev | ZAWYA MENA Edition:

The joint deal by OPEC and other oil-producing allies to raise output demonstrates the strength of the Russia-Saudi energy alliance, which will help stabilise the market for many years to come, the head of Russia's sovereign wealth fund said on Monday.

The Organization of the Petroleum Exporting Countries and other top crude producers agreed to raise output from July by about 1 million barrels per day (bpd), after Saudi Arabia persuaded arch-rival Iran to cooperate.

Ahead of OPEC's Vienna meeting, Saudi Arabia and Russia, the world's top oil producers, said they had a general consensus that the OPEC+ format should be "institutionalised" and extended until 2019 and beyond to monitor the market and change output if needed.