OPEC wants formal alliance with Russia to manage global oil market – report

Saudi Arabia and its allies in the Organization of the Petroleum Exporting Countries (OPEC) are reportedly trying to deepen partnership with Russia-led oil producers, seeking to seal a new formal pact with Moscow.

The proposal to transform the oil cartel, which is aimed at supporting the global oil market amid US refusal to curb output and pressure on the organization, might be discussed at the coming meeting in Vienna later this month, according to OPEC officials cited by the Wall Street Journal.

However, such an idea to formalize the union between OPEC and other major oil producers has not been welcomed by all the members of the cartel. The move has reportedly met opposition from Iran, as it fears that Moscow and Riyadh would take control over the group. Tehran has been cooperating with Moscow for years, but is at loggerheads with its regional rival Saudi Arabia…read more

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