Putin and Bin Salman agree to extend OPEC + agreement and joint cooperation to end the war in Syria

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Away from the World Cup and the Russian victory over Saudi Arabia in the opening match of the World Cup 5 — 0.

Russian Energy Minister Alexander Novak said: that, «Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman had taken a historic decision to extend the OPEC deal indefinitely».

During the Saudi Crown Prince visit to Russia to attend the World Cup opening match between Saudi Arabia and Russia and hold meeting with President Putin in Moscow, Novak said in a speech at the opening ceremony of the Russian Cultural Center in Saudi Arabia.

«During the meeting, a historic decision was taken to extend cooperation between Russia and Saudi Arabia within the framework of the so-called OPEC + agreement for an indefinite period».

«This process will be based on the existing basis and the new agreement will not include precise rates of oil extraction, but it will allow signatories to take decisions on changing current standards if necessary», he said.

The Russian energy minister said: «the issue of indefinite extension of OPEC + would be discussed at the next meeting of the countries participating in the agreement in the Austrian capital Vienna on June 22-23».

Novak added that, «the countries currently participating in the agreement had previously expressed their support for its extension», adding that «an appropriate framework for cooperation should have been found».

He also said that, «Saudi Arabia and Russia would propose to members of the Organization of Petroleum Exporting Countries to raise the rate of oil production to 1.5 million barrels per day in the third quarter of 2018.

The Organization of the Petroleum Exporting Countries and a number of cooperating countries signed in late 2016 an agreement on reducing the joint volume of oil extraction to 1.8 million barrels per day, „OPEC +“, and 300 thousand of them were at the expense of Russia.

The agreement entered into force early in 2017 and will be extended twice later.

Reports from the meeting exposes, that Saudi Crown Prince Mohammed bin Salman informed the Russian president that Saudi Arabia supports Russia's efforts and supports the current Russian Initiatives in order to end the war in Syria and start the political process to reach the stage of starting reconstruction, expressing the Saudi desire to work with Russia in this matter.

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