EconomyEnergy

Opep-non Opep agreement: long-term cooperation before the end of 2018


UAE Energy Minister Souhail al-Mazrouei said Thursday that OPEC was seeking an agreement on long-term cooperation with non-cartel countries by the end of 2018.

Mr. Mazrouei, whose country holds the presidency in office of the Organization of Petroleum Exporting Countries (OPEC), said in the local newspaper The National that the objective of his government was to develop "a project charter "by the end of the current year.

On January 21, Saudi Arabia, the world's largest oil exporter, called for long-term cooperation, "beyond 2018", between OPEC and non-cartel countries like Russia , after a first agreement that raised crude prices.

Faced with a vertiginous drop in crude prices started in 2014, the 14 members of OPEC had agreed in late 2016 with ten other oil countries, including Russia, to limit production.

Objective: to shut down global stocks, rebalance the market and push up prices. The price of a barrel is now around 70 dollars against 30 dollars in early 2016.

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