© 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.
