Russia and Saudi Arabia intend to establish new OPEC, Bloomberg reported citing sources.
The two countries are considering inviting all 24 countries to join a permanent body with its own constitution and secretariat.
"It would mark a seismic shift in oil’s world order and while it probably won’t supplant OPEC in the short term it would create a rival for the organization that’s sought to manage supply for six decades," the report says.
It’s possible the new body would have a different structure to OPEC’s principle of one member, one vote. Larger producers such as Saudi Arabia and Russia might be given more weight in the new body, the sources said.
