At the end of 2018, there may be a super organization consisting of 14 OPEC members and 10 non-OPEC oil-producing countries headed by Russia.
According to foreign media reports, at the moment, the two sides are actively seeking ways to institutionalize some temporary cooperation and seek to introduce the relevant agreement draft before the end of the year.
The UAE oil minister hopes that the agreement will be approved by 24 member states. The term of the agreement framework will exceed the deadline of the current production reduction agreement being implemented. The UAE took over OPEC’s “leader” position from Saudi Arabia at the beginning of the year and was very optimistic about the “super organization”. He believed that it was a good time and a good place. International oil prices received good results under the joint efforts of both parties’ joint production cuts. As a result, the international crude oil supply and demand fundamentals are becoming more and more balanced, and the news of Saudi Arabia’s joint investment with Russia has been heard from time to time. There is a good foundation for further cooperation between the two sides.