© Sputnik / Alexei Druzhinin
Business Day/Bloomberg: Russia and Saudi Arabia’s plans for a ‘Super-Opec’ could change world order
Moves are afoot to make Russia’s role in managing global oil supply permanent; Russia and Saudi Arabia, together, pump 20% of the world’s oil
London/Moscow/Kuwait — When the group overseeing the so-called OPEC+ deal met last night, proceedings were dominated by two nations: Saudi Arabia and Russia. It was probably a
snapshot of the oil market’s future.
Beyond the drama of this week’s diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia’s role in managing global supply permanent, bringing together the two largest oil exporters.
Russia isn’t a member of oil carte Opec, but for the last two years has led a group of countries outside the group lending support to the cartel, creating a coalition of 24 producers that’s been dubbed OPEC+.
Read more ....
Update #1: Russia, Saudi Arabia Seek New Super-OPEC Oil Alliance - Reports (Sputnik)
Update #2: Russia, Saudi Arabia Extend Oil Partnership Indefinitely (OilPrice.com)
WNU Editor: Both Russia and Saudi Arabia have historically been the #1 and #2 oil producers in the world .... I am just surprised that it took them this long to get together.
Beyond the drama of this week’s diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia’s role in managing global supply permanent, bringing together the two largest oil exporters.
Russia isn’t a member of oil carte Opec, but for the last two years has led a group of countries outside the group lending support to the cartel, creating a coalition of 24 producers that’s been dubbed OPEC+.
Read more ....
Update #1: Russia, Saudi Arabia Seek New Super-OPEC Oil Alliance - Reports (Sputnik)
Update #2: Russia, Saudi Arabia Extend Oil Partnership Indefinitely (OilPrice.com)
WNU Editor: Both Russia and Saudi Arabia have historically been the #1 and #2 oil producers in the world .... I am just surprised that it took them this long to get together.
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