THE LEX COLUMN: Saudi Arabia and Russia outgun Opec
Countries’ relationship should support the oil price in the medium term
James Akins, former US ambassador to Saudi Arabia, once wrote a paper for the American Petroleum Institute about the lingering death of Opec. He published his broadside in 1985, after oil prices had fallen sharply. Today’s doubters should take note: Akins has passed away, but the oil cartel soldiers on.