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The future of the Saudi-Russia oil relationship

Saudi Crown Prince Mohammed bin Salman at the United Nations. Photo: Mohammed Elshamy / Anadolu Agency / Getty Images

Saudi Crown Prince Mohammed bin Salman told Reuters that the kingdom and Russia are weighing plans for long-term extension of their cooperation on oil market management. “We are working to shift from a year-to-year agreement to a 10 to 20 year agreement,” the heir to the Saudi throne said.

Why it matters: It's the strongest, highest-level signal yet that the two-year-old pact between OPEC and Russia to limit supplies could be transformed into a lasting agreement between the huge producers, whose market positions have been challenged by the rise of U.S. shale.