ANKARA (Reuters) - Russian Energy Minister Alexander Novak has said that Saudi Arabia and Russia are in talks about a potential long - term pact regarding world supplies of crude oil . The new format for cooperation may potentially include market research , the exchange of information and joint action . Moscow is currently under negotiations with OPEC and non - OPEC producers to cut output by 100 barrels per day ( bpd ) , based on an estimated 2016 output figure of 11.247 million bpd .
Russian Energy Minister Alexander Novak has said that Saudi Arabia and Russia are in talks about a potential long - term pact regarding world supplies of crude oil . The new format for cooperation may potentially include market research , the exchange of information and joint action . Moscow is currently under negotiations with OPEC and non - OPEC producers to cut output by 100 barrels per day ( bpd ) , based on an estimated 2016 output figure of 11.247 million bpd .