OPEC and Russian Federation working to achieve a long-term mining deal

OPEC and Russian Federation working to achieve a long-term mining deal”

The agreement between Russian Federation and Saudi Arabia cut back on oil production and helped boost the price of oil, which fell to an all-time low of $30 per barrel in 2016.

A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi said on Wednesday.

Russia, the world's largest oil producer, is not a member of OPEC, an alliance that includes other oil-producing countries such as Venezuela, Iraq, Iran, and Angola. "Over the course of this year, we will have a framework to which we can sign up to".

In the interim, OPEC and non-OPEC ministers, including Russia's Alexander Novak, will meet April 10-12 in New Delhi for the International Energy Forum, and a six-country monitoring committee overseeing the production cut agreement chaired by Saudi energy minister Khalid al-Falih will meet in Jeddah on April 20. "We have an agreement on the big picture but not yet on the details".

A disclosure on Tuesday from the American Petroleum Institute of a larger than expected rise in USA oil inventories was sufficient to cause another flat day for crude trading, with West Texas Intermediate dropping 30 cents to settle at $65.25 per barrel and Brent falling 1 cent to $70.11.

OPEC holds its next meeting June 22 in Vienna.

The prospect of a longer deal was received a mixed reaction at the one-day Saudi-US CEO Forum in NY. "We are looking for a very long-term sustainable cooperation between OPEC and non-OPEC".

It also emerged on Tuesday that the prospectus for the planned initial public offering (IPO) of Saudi Aramco is "virtually ready", including a revised valuation of the oil giant's reserves.

Sources close to Aramco in NY, who declined to be identified because details of the prospectus were not in the public domain, told Arab News that the plans for an IPO were on track for later this year, and that the prospectus was awaiting government approval and some finalizing of details, like valuation and listing venue.

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