Saudi’s Falih says OPEC wants long-term partnership with Russia

'We want this to be a lasting partnership... Our partnership will evolve over time'

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OPEC, which is cutting oil output alongside independent producer Russia for the first time in years, wants a lasting partnership with Moscow, the energy minister for top OPEC exporter Saudi Arabia said on Thursday.

“We at OPEC aim to optimize our relationship with Russia for the long term,” Saudi Energy Minister Khalid al-Falih told Reuters at the World Economic Forum in Davos.

“A quick fix is not a big objective. We want this to be a lasting partnership. We have to be flexible when we intervene. Our partnership will evolve over time.”

The minister said there’s been “very strong compliance” by OPEC and non-OPEC oil countries to the production cuts agreed on in December.

Falih said producers have gone “extra miles” and the majority have exceeded their agreed cuts.

He said there’s a “very high level of data available” showing the first part of January has shown higher compliance.

Earlier Thursday, the International Energy Agency said global oil output is dropping.
However, the IEA’s executive director, Fatih Birol, said the higher oil prices prompted by the production cut could see a rise in output from U.S. shale gas producers.

Oil prices are trading over $50 a barrel, nearly double the level they were a year ago

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