Super-OPEC Plan Fades as Russia Says Current System Works Well
- Group hasn’t done groundwork for new secretariat: delegate
- Novak says collaboration should continue within current system
Photographer: Andrey Rudakov/Bloomberg
This article is for subscribers only.
Plans for the creation of a super-OPEC incorporating Russia into a new permanent group are fading as producers favor the simpler option of extending their current alliance again.
When the Organization of Petroleum Exporting Countries and its allies meet next week, their final agreement will probably refer to some kind of long-term cooperation, but no groundwork has been laid for anything more substantial such as the creation of a new secretariat, said two delegates, who asked not to be named because the information is private.