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+. Russian oil minister Alexander Novak said in a speech on Thursday that "we need to build upon our successful co-operation model and institutionalise its success through a broader and more permanent strategically focused framework". His Saudi counterpart, Khalid al-Falih, echoed those comments and Opec president Su...
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