A Saudi-Russia deal to cut?
Both countries want higher oil prices. But a troubled history and near-term market dynamics suggest the time is not yet ripe
Rumours of a deal between Russia and Saudi Arabia have given some recent strength to oil markets. From lows of around $27 a barrel in late January, Brent was trading above $35/b on 1 February.It’s a neat idea, one that sees Saudi Arabia’s marketing policy in the past eighteen months as tactical, not strategic. That is, the kingdom’s willingness to keep the taps open has been a way of bringing rival producers into line – forcing cuts upon them – as opposed to the broader, much-cited strategic goal of forcing them out of business so as to hoover up market share. Saudi Arabia has given the market a good sweating, to borrow Rockefeller’s term. Now it’s time to get around the table again and resc
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
