Opec seeks ‘very long-term’ ties with other crude exporters

BAGHDAD: Opec is seeking “very long-term” ties with other crude exporters, the secretary general of the oil exporting group said on Wednesday.
Mohammad Barkindo (pictured) was commenting on news that top Opec producer Saudi Arabia and non-Opec Russia were working on a long-term pact that could extend controls over world crude supplies by major exporters for up to 20 years.
Saudi Crown Prince Mohammed bin Salman announced the plan on Monday.
Russia, the world’s biggest oil producer, has worked with the 14-member Organization of the Petroleum Exporting Countries in previous oil gluts to rein in supplies and push up prices, but a 10 to 20-year deal between the two would be unprecedented.
“We are looking for a very long-term cooperation between Opec and non-Opec producing countries,” Barkindo told an energy conference in Baghdad. — Reuters