Meeting in Azerbaijan’s capital Baku, members of the OPEC+ alliance said they would continue coordinating efforts to “stabilise” the oil market through production cutbacks.
The 24-nation alliance came together in 2016, when the Saudi-dominated Organisation of Petroleum Exporting Countries and Russia agreed on the need to limit production in the face of tumbling prices. Addressing Monday’s meeting, Saudi energy minister Khalid al-Falih urged OPEC+ members to maintain the alliance.OPEC, and mainly Saudi Arabia, have made it clear they would like to formalise longer-term cooperation with Russia, though Moscow has been hesitant.
The pact has breathed fresh life into OPEC and brought Russia new influence as an arbiter on the oil market. US President Donald Trump pulled Washington out of a nuclear accord with Iran in May last year and reimposed sanctions on Tehran. The Saudi energy minister was defiant in response, saying at the time that OPEC was pursuing a measured response and that he was leaning towards extending production cuts in the second half of 2019.
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