Report: Russia, Saudi Arabia plan to set up super-OPEC

MOSCOW, Jun 22 (PRIME) -- Russia and Saudi Arabia are considering establishing a permanent framework with its own charter and secretariat and invite all 24 OPEC+ countries to join, Bloomberg news agency reported on Friday citing sources familiar with the situation.

The new body can have a different structure to OPEC’s principle of one member, one vote. Larger producers such as Saudi Arabia and Russia might be given more weight in it, the sources told Bloomberg.

“It would mark a seismic shift in oil’s world order and while it probably will not supplant OPEC in the short term it would create a rival for the organization that has sought to manage supply for six decades,” the agency said.

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