Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

OPEC drafting agreement to institutionalize market cooperation with Russia, other allies

Oil | Crude Oil | Coronavirus

A new president for Guyana, the next non-OPEC oil giant


Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Natural Gas | Oil | Crude Oil | Coronavirus

ExxonMobil, Chevron may write down big chunk of reserves if weak prices persist

OPEC drafting agreement to institutionalize market cooperation with Russia, other allies

London — OPEC is drafting an agreement that would institutionalize the producer group?soil market cooperation with Russia and other allies beyond their currentoutput cut agreement, which expires at the end of the year.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

OPEC Secretary General Mohammed Barkindo confirmed to S&P Global Platts thedraft agreement was in the works, which was first reported Thursday by UAEnewspaper The National in an interview with UAE energy minister Suhailal-Mazrouei.

"The aim is together with the secretary general to put together a draftagreement for this group to stay together for a longer time," Mazrouei toldthe newspaper, adding that it was "a work in progress" and providing no otherdetails.

Mazrouei, who currently holds the rotating OPEC presidency, said that he hopedthe pact could be signed by the end of the year.

The OPEC/non-OPEC production cut agreement commits OPEC and 10 partners, ledby the world?s largest crude producer Russia, to cut 1.8 million b/d insupplies to rebalance the market.

Barkindo has previously said that the cooperation between the 24 countries inthe supply cut agreement should be made permanent, but the comments indicatethat the platform may be close to being formalized.

Russian energy minister Alexander Novak could not immediately be reached forcomment, but in an interview with Platts on Tuesday, he said Russia was keento build a long-term relationship with OPEC kingpin Saudi Arabia and thebroader OPEC alliance.

"We understand that global demand for oil will continue to grow rapidly andthis demand will need to be met, so we will likely need to work together,including on upstream technology and joint projects to meet this growingdemand," Novak said, just before meeting with his Saudi counterpart Khalidal-Falih in Riyadh.

"Taking into account the current political and economic relationship andprojects that we're considering, I think our relationship will be of long-termnature," he added.

Falih, for his part, said in Oman last month that the coalition would seek tocontinue their stewardship of oil supply into 2019 and beyond, to give theindustry a smoother market in which to invest to meet future demand.

"It does not necessarily mean that sticking barrel by barrel to the samelimits or caps or targets of production country by country that we signed upto in 2016, but assuring stakeholders, investors, consumers and the globalcommunities that this is something that is here to stay," he said.

--Herman Wang,

--Edited by Alisdair Bowles,