OPEC+ Deal Pot Looks Sweeter for Russia as Gulf Money Flows In - Bloomberg

OPEC+ Deal Pot Looks Sweeter for Russia as Gulf Money Flows In - Bloomberg:

When the courtship between Russia and Saudi Arabia and its Gulf allies began more than four years ago, the prospect of billions in new investment for the region was big selling point for the Kremlin.

Now, as the two big oil producers mull whether to extend the centerpiece of their rapprochement — the deal to cut production that’s helped shore up crude prices around the world — the investment flood looks a lot smaller than promised. But for capital-starved Russia, it may still be enough.

“There is a certain frustration on the Russian side,” said Alexey Potemkin, the chief executive officer of Moscow Policy Group, a consultancy group that advises on Russia-Gulf business projects. In particular, he said the Saudis were stalling on some deals and “this raises questions among decision-makers about the seriousness of Russia’s Gulf counterparts with regard to investments.”