Saudi Arabia plans to host a leaders’ oil summit later this year for the Organization of the Petroleum Exporting Countries, OPEC and non-OPEC countries participating in an oil supply cut pact, two sources privy to the matter revealed on Friday, June 15.
Riyadh and Moscow took the first step in institutionalizing the long-term framework for co-operation between OPEC and non-OPEC nations this week, the sources said.
Saudi Crown Prince Mohammed bin Salman met President Vladimir Putin at the Kremlin. Russia and Saudi Arabia played the opening match of the soccer World Cup, which Russia is hosting.
Russian President Vladimir Putin shakes hands with Saudi Crown Prince Mohammed bin Salman during their meeting at the Kremlin in Moscow, Russia June 14, 2018. Yuri Kadobnov/Pool via REUTERS
An OPEC source described the summit as an idea which would be developed into a proposal, and a second source said it would be discussed at next week’s meeting of energy ministers in Vienna, where the supply-limiting deal will be reviewed.
OPEC, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply, Reuters reports.
The producers meet on June 22-23 in Vienna and will discuss a gradual easing of the supply cut.
