Russia, Saudi Arabia negotiating 10 - 20 year oil alliance: Crown prince

ERBIL, Kurdistan Region (Kurdistan 24) – According to the Saudi crown prince, Saudi Arabia and Russia are negotiating an unprecedented deal that would not only cement their alliance but could also have a substantial effect on international oil prices far into the future.

“We are working to shift from a year-to-year agreement to a 10-20 year agreement,” Crown Prince Mohammed bin Salman told Reuters in an interview in New York. “We have agreement on the big picture, but not yet on the detail.”

The Heir Apparent to the Saudi throne said that Riyadh and Moscow were considering extending an alliance that began in early 2017 after oil prices plummeted. The partnership rests largely on 'oil curbs,' policies designed to affect prices on the petrolium market.

Russia, a major oil producer but not a member of the Organization of the Petroleum Exporting Countries (OPEC), has often worked since 1990 in cooperation with the international body when increased oil supply has caused prices to drop.

The United States has enjoyed an advantageous relationship with Saudi Arabia since 1945. Since then, the two countries have cooperated on oil markets and supported each other both politicaly and diplomatically, including a decades-long alliance against the Soviet Union.

US-Saudi relations have deteriorated in recent years and Russia appears poised to step in as the kingdom's primary world partner, despite backing opposing sides in the Syrian conflict.

In October, Saudi Arabia's King Salman visited Russia, and provided investment and political support for its economy, crippled by Western sanctions.

At the 2016 G20 summit held in China, Crown Prince Mohammed bin Salman conducted a sideline meeting with Russian President Vladimir Putin, a meeting which is thought to have greatly improved relations between the two nations.