Opec’s oil dominance in question, as Saudi Arabia draws closer to Russia
Dubai — Saudi Arabia hopes to bring Russia into the fold of an expanded club of global oil giants to sustain a stable market, leaving Opec’s role in question, analysts say. The new union, spearheaded by Riyadh and Moscow, is expected to be larger than the 14-member Organisation of the Petroleum Exporting Countries (Opec), the cartel that has dominated the global energy market for the past six decades. Experts say an expanded group that includes Russia means Opec’s sway in global oil is fading, if not all but "dead". In January, Opec kingpin Saudi Arabia floated the idea of extending a co-operation agreement struck in late 2016 by 24 Opec and non-Opec producers to trim output and shore up prices. Top Saudi officials, including Crown Prince Mohammed bin Salman and Energy Minister Khaled al-Faleh, have called for a long-term co-operation framework between oil producers. The idea received strong support from several Opec members, mainly the United Arab Emirates (UAE) and Kuwait. A Kreml...
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