Saudi-Russia Oil Curbs Signal a Special Relationship
The two nations coordinate cuts even though Moscow has so far given little evidence of holding up its side of the bargain.
An oil processing facility in a Saudi Aramco field.
Photographer: Simon Dawson/BloombergWelcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, Oil Strategist Julian Lee looks at the coordinated pledges by Saudi Arabia and Russia to remove more crude from the market. Click here to read about China restricting exports of two key metals, and here for the potential impact on Europe. To get this newsletter sent straight to your inbox, you can sign up here.
Whether or not you believe that Russia will follow through on its latest pledge to cut oil output and exports, the announcement shows that the country’s political relationship with Saudi Arabia is as strong as ever.