Russian Energy Minister Alexander Novak said recently a joint organization for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year.
Saudi Crown Prince Mohammed bin Salman told Reuters last month that Saudi Arabia and Russia are working on a historic long-term pact, possibly 10 to 20 years long, that could extend controls over world crude supplies by major exporters.
Novak said recently he and his Saudi counterpart, Khalid al-Falih, discussed long-term cooperation and that the current "mechanism of interaction" had proved to be effective.
"We are now thinking about a format for cooperation which could be for the longer-term, which would include the possibility of market monitoring, information exchange and if needed the implementation of some joint actions," Novak told reporters.
Under an agreement by members of the Organization of the Petroleum Exporting Countries led by Saudi Arabia, and non-OPEC producers, Moscow pledged to cut output by 300,000 barrels per day (bpd) from a figure of 11.247 million bpd based on its output in October 2016.
