Common oil market agreement nearly finalized - Overchuk

The discussion on the rules for forming a common oil and petroleum products market within the Eurasian Economic Union (EAEU) is underway, and dialogue between the countries continues, Russian Deputy Prime Minister Alexei Overchuk said.

"Although of course, the most favorable fuel supplies have always been from Russia and will be from Russia," Overchuk said.

In 2018, the EAEU countries approved a program for the formation of common oil and petroleum products markets in the EAEU. The current version of the document obliges the union's members to ensure conditions for the EAEU international treaty on creating these markets to take effect no later than January 1, 2027.

This week, a draft of amendments to the program for forming the common oil and petroleum products market was posted on the website of the Eurasian Economic Commission, which shifted this deadline to January 1, 2030.