Russia offers Middle East a card in US game
Opec+ cut agreement suggests Moscow’s Middle Eastern stock remains high
A growing rift between the US and Saudi Arabia appears to be precipitating a wider political shift in the Middle East. Counter-intuitively, Russia’s clout as a possible power broker and a sought-after partner is growing, even after a disastrous military campaign in Ukraine that has exposed major shortcomings in its military and left Moscow more isolated than ever elsewhere across the globe. Analysts and Gulf officials admit that the Opec+ supply cut of 2mn bl/d, announced in early October, is mostly symbolic due to existing underproduction. Yet its political repercussions, with agreement between former energy export rivals Russia and Saudi Arabia continuing to hold firm—and jointly thumbing
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy