Saudi Arabia and Russia will ask the Organization of Petroleum Exporting Countries (OPEC) to allow them to increase oil production by 1.5 million barrels per day (bpd) during the third quarter of 2018, Russian energy minister Alexander Novak announced late Saturday.
“We are only proposing this for the third quarter. In September we will review the situation in the market and decide the future course,” Novak said.
Both Russia and Saudi Arabia agreed to extend cooperation indefinitely. The two countries will discuss their agreement in OPEC’s upcoming meeting slated for 22 June in Vienna.
Before the opening of the World Cup matches, Russian President Vladimir Putin and Novak met Saudi Crown Prince Mohammed bin Salman to discuss their agreement.
It is worth noting that OPEC and Russia decided in 2016 to cut their supply as a step to push prices higher.