Saudi Arabia invites Russia to join OPEC as observer, Moscow says it’s ‘an option’

Latest news

    Riyadh has invited Moscow to join OPEC as an observer, the Saudi energy minister says. The announcement follows an agreement between OPEC and non-members led by Russia to increase crude oil output by a million barrels per day.

    Read more

    Win-win deal for Russia & Saudi Arabia: OPEC agrees to ramp up production

    The announcement was made on Saturday during the 4th OPEC and non-OPEC ministerial meeting in Vienna.

    “We’ve invited Russia to join [OPEC] as an observer, an associated member. We believe they are considering it,” Khalid Al-Falih said at a press conference. “I can assure that the entire membership of OPEC would welcome Russia.”

    Russian Energy Minister Aleksandr Novak confirmed that there was “such an option,” and Moscow was “studying it closely.”

    The possible move, which would bring the OPEC and non-OPEC countries closer, was announced following an agreement to raise crude oil output by a million barrels per day.

    The idea to bump output has been advocated by Saudi Arabia and Russia, which sought to alleviate high prices through increased supply on the market without creating a glut.

    View the original article: https://www.rt.com/business/430671-riyadh-invites-moscow-opec/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    Think your friends would be interested? Share this story!

    In the same category are

    UK space agency launch competition: Will the new Mars rover become the next Boaty McBoatface? The UK Space Agency is taking one giant leap for mankind by asking the general public, yes, the same people that came up with Boaty McBoatface, to nam...
    Croatia striker Nikola Kalinic refuses World Cup medal Croatian striker Nikola Kalinic has rejected a World Cup silver medal after he was removed from the squad during the group stage of his team’s campaig...
    Facebook allows Radio Liberty to promote illegal political ads while touting stricter rules Facebook now appears to watch RT's every step, but it has allowed the US government-funded Radio Free Europe/Radio Liberty to publish political ads ta...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.