Russia might not be ready for long-term OPEC commitment
Saudi Arabia seems to think Russia is on board with a lengthy OPEC deal, but Moscow has a lot of factors to consider.
Recent statements by Saudi Crown Prince Mohammed bin Salman have created lots of talk that OPEC is considering a long-term agreement with Russia and possibly other non-OPEC members. However, the future of a potential pact between Russia and OPEC is quite unclear.
Russia is considering a contract of 10-20 years, rather than its current annual agreement. The present deal is part of the so-called OPEC-plus arrangement that allows non-OPEC members to participate in oil production cuts designed to increase oil prices and stabilize the international market.
