The Duran
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OPEC Plus: Putin's move to control energy market with Saudi partnership
Posted
November 15, 2018
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30,528
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November 15, 2018
30,528
1,069
199
4.15%
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23:35Now PlayingThe Duran – News in Review – Episode 150.
The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss OPEC Plus and the growing partnership between Russia and Saudi Arabia, which aims to reshape the energy market, and cement Russia's leadership role in global oil and gas supply.
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The Express UK reports () that Russia and Saudi Arabia's 'longterm relationship' will not only survive, but grow, regardless of geopolitical turmoil and internal Saudi scandal...as the energy interests between both nations bind them together.
Ties between Saudi Arabia and Vladimir Putin’s Russia have a “long-term relationship” which is strategically beneficial to both of them, and which underlines their position as the world’s most influential oil producers, alongside the United States, an industry expert has said.
Following concerns about too much oil flooding the market, Saudi Arabia on Sunday performed an abrupt u-turn by deciding to reduce production by half a million barrels a day from December.
This put the Middle Eastern country at odds with Russia, which said it was no clear whether the market would be oversupplied next year, with market analysts predicting the country’s oil producing companies likely to BOOST proaction by 300,000 barrels per day.
But IHS Markit vice chairman Daniel Yergin said the decision was unlikely to jeopardise the relationship between the two allies.
The Saudis have faced significant international criticism in the wake of the killing of journalist Jamal Khashoggi at the Saudi consulate in Turkey.
Speaking to CNBC, Mr Yergin made it clear that Moscow and Riyadh would continue to be closely aligned irrespective of external factors.
He explained: “I think it's intended to be a long-term relationship and it started off about oil prices but you see it taking on other dimensions, for instance, Saudi investment in Russian LNG (liquefied natural gas) and Russian investment in Saudi Arabia.
“I think this is a strategic relationship because it's useful to both countries.”
Saudi Arabia and Russia are close, especially as a result of their pact in late 2016, along with other OPEC and non-OPEC producers, to curb output by 1.8 million barrels per day in order to prevent prices dropping too far – but oil markets have changed since then, largely as a result.
The US criticised OPEC, which Saudi Arabia is the nominal leader of, after prices rose.
#OPEC #Russia #SaudiArabia #TheDuran
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