Russia and Saudi Arabia Agree OPEC+ Format should be Extended

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Russia and Saudi Arabia have a general consensus that the OPEC+ format should be “institutionalised“ and extended until 2019 and beyond for oil market monitoring and joint action in case of need. Russia’s energy ministry said in a statement on Friday.

Citing its minister Alexander Novak. the ministry added that Russia and Saudi Arabia planned to sign a mutual agreement which will draw their cooperation in the energy arena to a new level.