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Saudi, Russia working on long-term oil pact, says Saudi crown prince

Saudi Crown Prince Mohammed bin Salman said Saudi Arabia and Russia are considering a longer deal on oil production cuts, Reuters reported.

"We are working to shift from a year-to-year agreement to a 10-20 year agreement," the crown prince told Reuters. "We have agreement on the big picture, but not yet on the detail."

Top Organization of Petroleum Exporting Countries, or OPEC, producer Saudi Arabia tapped non-OPEC countries, including Russia, to help drain a glut when oil prices collapsed to below $30 per barrel in 2016 from $100 in 2014. In November 2017, OPEC and Russia agreed to extend oil production cuts by nine months through the end of 2018.

Meanwhile, the prince said the flotation of a 5% stake in state Saudi oil company Aramco could still take place at the end of 2018 or in early 2019, depending on market conditions, according to the report.