NEW YORK – Saudi Arabia and Russia are working on a historic long-termpact that could extend controls over world crude supplies by majorexporters for many years to come.

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscowwere considering a longer deal to extend a short-term alliance on oil curbsthat began in January 2017 after a crash in crude prices.

“We are working to shift from a year-to-year agreement to a 10-20 yearagreement,” the crown prince told Reuters in an interview in New York lateon Monday. “We have agreement on the big picture, but not yet on the detail.”

Russia, never a member of the Organization of Petroleum ExportingCountries, has worked alongside the 14-member cartel during previous oilgluts, but a 10-20 year deal between the two would be unprecedented.

Top OPEC producer Saudi Arabia recruited Russia and other non-OPECcountries to help drain a glut when oil prices collapsed from over $100 abarrel in 2014 to below $30 in 2016.

Crude has since recovered to $70 but fast-rising output from U.S. shaleproducers has capped prices.

“This is all about whether the arrangement is a short-term expedient todeal with this particular crisis in the oil market, or whether it reflectsa realignment in world oil,” said oil historian Daniel Yergin,vice-chairman at consultancy IHS Markit.

“OPEC countries want to find a way to institutionalize this relationshiprather than to have it be a one-shot deal.” – Agencies