The Evolution and Prospects of Saudi Arabia – Russia Oil Relations: A Saudi Perspective

One of the major features of the latest oil price cycle has been the strengthened relationship and close coordination between two of the world’s largest oil producers: Russia and Saudi Arabia. This presentation analyses the evolution of Russia-Saudi Arabia oil relations and the prospects of this relationship from a Saudi perspective, by answering the following set of questions:

  • What is this relationship all about? Does it extend beyond oil related areas?
  • Has the relationship contributed to shaping market outcomes?
  • Is the relationship between the two producers symmetric?
  • How did the relationship evolve?
  • Why did this relationship emerge over this cycle? What were the driving forces?
  • Has the relationship been successful?
  • Would this relationship continue or will it crack under market pressures?
  • Will this renewed relationship reduce the importance of OPEC for Saudi Arabia?

By: Bassam Fattouh

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