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OPEC pursues formal pact with Russia

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Saudi Arabia and the United Arab Emirates (UAE) are trying to lock in and other non- allies into several years of co-operation for managing the oil market, according to Wall Street Journal (WSJ).

The move is not unconnected with the  prospect of another price crash, which industry analysts have said, “is likely pushing the cartel and its allies to agree on some sort of arrangement.”

The proposal, however, is facing opposition from Iran, which fears domination by Moscow and Riyadh.

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