Moscow rules
The fate of the relationship with Russia will be critical as balances tighten and competitor output builds
Saudi Arabia's new-found diplomatic bond with Russia will remain at the core of Opec's efforts to drain oil stocks in 2018. Cuts will likely be extended again, possibly to the end of the year, as non-Opec supply out-strips demand growth, reducing the need for the group's own oil. Saudi Arabia and Russia together account for more than 20% of global supply and are both titans of the oil-exporting world. Crucially, both also have either spare capacity or a proven ability to expand oil production in the medium term. So their joint determination to see through the output cuts agreed in late 2016 should be taken seriously. The partnership appeared tentative early on. But following King Salman's au
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
