Putin Reaps Political Gains From OPEC+ as Economic Boost Wanes - Bloomberg:
Russia’s pact with OPEC has significantly enhanced President Vladimir Putin’s presence on the world stage, but as his geopolitical clout keeps growing the economic benefits for his country have lost some potency.
What began in 2016 as a temporary measure to boost oil prices has become an alliance meant to last for “eternity.” For a third year, Russian companies are curbing output and scaling back investment in new projects. Yet concerns about how this is starting to weigh on the nation’s growth are overshadowed by the benefits to their president’s international profile.
After years of Saudi Arabia calling the shots within the Organization of Petroleum Exporting Countries, Putin has quickly stolen the limelight. At the Group of 20 meeting in June, he demonstrated his new power over the global oil market by announcing an extension of production cuts himself, essentially making the group’s mid-year talks in Vienna redundant.
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