Omani Energy Minister Mohammed bin Hamad al-Rumhy said he expected global oil pr...
FILE PHOTO: Oman's Oil Minister Mohammed bin Hamad al-Rumhy talks to journalists as he leaves the OPEC headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger
The OPEC+ alliance was formed in 2017. Since its inception, oil prices have doubled to more than $60 per barrel, mainly as a result of a series of production cuts by its members. However, Saudi Arabia is having a hard time convincing Russia to stay much longer in OPEC-led pact, and Moscow may agree only to a three-month extension. Should Russia pull out of the latest deal on cutting output, oil prices would drop.
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