Russia-Saudi Arabia Deal Could Change Oil Prices for Decades

Russia is working with members of the Organization of Petroleum Exporting Countries (OPEC) to help hammer out a deal that would impact world oil supplies for the next decade, according to reports.

Saudi Arabia’s millennial Crown Prince, Mohammed bin Salman Al Saud, told Reuters that his Kingdom and Moscow are considering whether to prolong an agreement they struck in response to low oil prices. The agreement between Russia and Saudi Arabia cut back on oil production and helped boost the price of oil, which fell to an all-time low of $30 per barrel in 2016. The move has also allowed Russia to strengthen its influence in the Middle East.

Now the arrangement, which is renegotiated each year, could be extended for up to two decades, the Crown Prince indicated, adding that the details still need to be hammered out.