OPEC is seeking a long-term deal to cooperate on oil output controls with Russia and other non-OPEC producers, said Saudi Crown Prince Mohammed bin Salman.
“We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in an interview in New York.
“We have agreement on the big picture, but not yet on the detail.”
Saudi Arabia recruited Russia and other producers to collaborate on oil supply curbs in 2017 after oil prices crashed and the Saudi oil minister said last week Riyadh hoped to extend that deal into 2019.
The crown prince said a flotation of 5 pct of state Saudi oil company Aramco could take place at the end of 2018 or early 2019, depending on market conditions.
Saudi Arabia's Energy Minister Khalid al-Falih said earlier that the agreement between producers from within and outside OPEC had helped absorb two-thirds of the surplus reserves from the market and praised Saudi Arabia's role in restoring energy markets.
Al-Falih stressed in an interview with Al Arabiya on the sidelines of the World Economic Forum in Davos late last year on the importance of ongoing cooperation with Russia.
-
Saudi energy minister: Ongoing talks to reduce OPEC production in 2019
Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, Khalid al-Falih, said on Saturday that there are ongoing talks about an ... Energy -
Oil rises as OPEC compliance eclipses boom in US output
Oil rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as US production topped 10 million barrels per ... Energy -
Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts
Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is nearing 5 million barrels per day, but the ... Energy -
Oil dips from highs but OPEC cuts still support market
Oil prices dipped on Friday but stayed near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit ... Energy