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Sunday, 11 December 2016

Global oil pact underscores Saudi-Russian energy alliance

Global oil pact underscores Saudi-Russian energy alliance:
"The first global crude supply pact in 15 years has underlined the growing energy alliance between Saudi Arabia and Russia, as the depth of the two-year oil slump forces co-operation between once unlikely partners.

Russia led the main oil producers from outside the Opec cartel, including Mexico and Kazakhstan, in a deal signed this weekend to reduce supply by 568,000 barrels a day — with Moscow, the largest non-Opec exporter, agreeing to shoulder just over half the cut.

The agreement follows almost a year of petro-diplomacy that led Russian president Vladimir Putin and Saudi Arabian leaders to put aside differences over the war in Syria as their economies struggle to adapt to the halving in oil prices since mid-2014."

'via Blog this'