GENERICO.ruЭкономика"It's going to be hard." The West is alarmed by Putin's new friend

«It's going to be hard.» The West is alarmed by Putin's new friend



MOSCOW, October 14. Russia and Saudi Arabia have jointly taken control of oil prices, Australian National University professor Amin Saikal said in an article for the Australian magazine Strategist.
“Two oil-producing states from opposite ends of the political spectrum hold the keys to the price of oil oil: Russia and Saudi Arabia,” the scientist wrote.
Saikal noted that Moscow and Riyadh had previously successfully achieved a reduction in production within the framework of the OPEC+ cartel in order to stabilize the oil market.

According to the scientist, Saudi Arabia's Crown Prince Mohammed bin Salman is seeking to strengthen relations with China and Russia. His country has received an invitation to BRICS and is seeking to join the Shanghai Cooperation Organization, Saikal added.

He also drew attention to the good relations between Russian President Vladimir Putin and Mohammed bin Salman. The expert believes that the Crown Prince communicated in a friendly manner with the Russian President during the G20 summits.

"As long as the interests of Russia and Saudi Arabia converge, oil prices are unlikely to fall in the near future. <…> “Hard times await fuel consumers,” the scientist believes.

Earlier, OPEC said that by the end of September, the participating countries had fulfilled the deal to reduce oil production by 305 percent. Moscow and Riyadh also have additional voluntary cuts. Saudi Arabia has cut its production by an additional one million barrels per day since July, while the decision remains in effect until the end of the year. Russia, in turn, has further reduced exports since August: in the first month by 500 thousand barrels per day, and in September-December — by 300 thousand barrels per day.
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