OPEC hopes for closer cooperation with non-OPEC countries

​OPEC hopes for closer cooperation with non-OPEC countries

Baku. 6 February. REPORT.AZ/ Saudi Arabia and its Persian Gulf allies are proposing a formal partnership with a Russian-led group of countries in hopes of better managing the global oil market, in an alliance that would transform the cartel, WSJ reports, citing OPEC officials, Report informs.

This proposal will allow creation of non-formal alliance among oil producing countries. Regular joint meetings may be held during the next three years within such a partnership.

The proposal, however, is facing opposition from Iran, which fears domination by Moscow and Riyadh.

OPEC and a 10-nation group led by Russia will discuss the agreements on February 18 in Vienna. The ministers hope an agreement on final contrast will be reached at the meeting.

According to the WSJ, there are some versions how the new close cooperation among the oil producing countries will be. At the same time, a new organization may also be created. 

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