According to Interfax, OPEC+ countries drafted a new cooperation charter which implies the formation of an alliance of oil producers. However, OPEC will remain the supporting organization.

The cooperation charter states that OPEC+ will not limit the countries’ rights to manage their natural resources. The tripartite committee of chairpersons chosen in 2018, 2019, and 2020 will direct the alliance. Entrance to the alliance will require permission from all participating countries. Exit from the organization will be possible only from January 1, 2020.

Earlier, it was reported that Saudi Arabia, OPEC’s leader, and some other Middle East countries want to strengthen ties with Russia and nine more independent oil producers. For this sake and in order to increase influence on the oil market, governments of these countries proposed to establish a new union.

The Wall Street Journal anticipates oil prices to jump above $60 per barrel when the new union of oil producers is established. In the meantime, the Brent benchmark fell by 1% to $61.46 per barrel on Monday February 11, while the WTI crude oil lowered by 1.75% to $51.80 per barrel.