For over a year, OPEC General Secretary Mohammed Barkindo has been trying to "institutionalize" the OPEC+ arrangement that includes Russia. At the Oil and Money conference in October 2017 in London, Barkindo told reporters. "This platform of 24 countries, now hopefully growing, should be institutionalized."
In September, he said, "What we are working on now is to make it [cooperation] more permanent and institutionalize the framework. Our target is to have a longer cooperation framework in place by December when we reconvene in Vienna [for the next OPEC meeting]."
In an interview with TASS on October 22nd, Saudi Energy Minister Khalid Al-Falih explained his view for the long-term agreement he wanted in December: Continue reading "OPEC's Plan To Institutionalize OPEC+ Has Failed"