Skip to content
Subscriber Only

Riyadh Dances With Trump But Goes Home With Putin to Prop Up Oil

  • Two producers find common ground in seeking oil-price revival
  • Union could unravel if output curbs don’t counter shale surge
Video player cover image

Saudis Confident in Extension of Oil Cuts for 9 Months

Updated on

Saudi Arabia and Russia are at odds on pretty much everything: the war in Syria, policies on Iran, ties with Washington. But when it comes to propping up global oil prices, they’ve never been more aligned.

Just look at how the world’s two biggest oil producers united last week to tell markets they want to maintain output curbs for an extra nine months. Coordinated leaks and official statements from Riyadh and Moscow -- circulated even before the Saudis sit down to agree the cuts with OPEC this Thursday -- sent oil rallying more than 5 percent within days.