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7/16, 8:53 AM (Source: TeleTrader)
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Russia, S.Arabia want closer ties on oil production - report

Russia and Saudi Arabia are examining ways to work together more closely on the control of the global oil production, Energy Intelligence said in a report published on Tuesday.

The new agreement is supposed to go beyond the OPEC+, a format in which the countries have already been cooperating on production cuts. An OPEC+ charter of cooperation was issued at the start of July and remains subject to approval of each signatory government.

Russia and Saudi Arabia have been key players in oil market regulations since agreed cuts started in December 2016.

Breaking the News / VP