Russia-Saudi Plans for Super-OPEC Could Reshape Global Order
- Ministers say time is right to make alliance more formal
- New organization could become a rival to OPEC over time
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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.