mo4ch:>Russia turns down permanent alliance with OPEC | Mo4ch News

Moscow has ditched the idea of launching a joint structure with the Organization of the Petroleum Exporting Countries (OPEC) but will continue to cooperate with major oil producers, according to the Russian energy ministry.Earlier this year, Russian energy minister Alexander Novak touted the idea that a new organization based on OPEC+ format – including OPEC members and allied oil suppliers led by Russia – will begin operations starting January 1, 2019 in an effort to boost the market. Back then there were plans to choose a location for the headquarters and come up with a name for the structure.Also on rt.comOPEC-Russia alliance to extend oil production cuts if necessaryThe energy minister announced Moscow’s change of heart on Thursday, saying that an official alliance would only create a new headache for all the players on the market. Instead, a special mechanism of cooperation will be set up that will allow members to convene, discuss and adopt memorandums or joint resolutions, acco…