The OPEC bloc of oil producers on Tuesday formally signed a new charter of cooperation with other major producers — including Russia — a day after thrashing out the document at a marathon meeting.
The new agreement between OPEC and its so-called OPEC+ partners is being seen as a sign of the cartel’s efforts to stay relevant in a market which has been transformed by booming US shale oil output.
The growing influence of Russia on the bloc was already in evidence on Monday when Russian Energy Minister Alexander Novak declared that all of OPEC’s ministers had agreed to prolong its daily production cuts.
