OPEC pursues a formal pact with Russia - WSJ

Saudi Arabia and the United Arab Emirates (UAE) are trying to lock in Russia and other non-OPEC allies into several years of co-operation for managing the oil market, according to Wall Street Journal (WSJ). 

The prospect of another price crash is likely pushing the cartel and its allies to agree on some sort of arrangement.

The proposal, however, is facing opposition from Iran, which fears domination by Moscow and Riyadh.