Muhammad bin Salman and Vladimir Putin, photo via WikipediaBESA Center Perspectives Paper No. 1,552, May 6, 2019
EXECUTIVE SUMMARY: Oil relationships are as unstable and volatile as romantic ones. Following a deadlocked OPEC summit in February, Moscow and Riyadh announced they would ramp up production, sending already low prices tumbling. Since both countries’ budgets are almost entirely dependent on energy exports, this suggests they have decided geopolitical interests trump purely economic ones.
On February 6, 2020, OPEC held a meeting in Vienna to try and reach agreement on oil prices and production levels. The meeting ended without agreement following Russia’s refusal …read more
