An oil rig in the North Sea
Saudi Arabia’s bear hug
The kingdom is strengthening its ties with Russia as it nervously watches US political developments
Russian president Vladimir Putin was afforded the sort of red-carpet welcome in Riyadh on his October visit to Saudi Arabia that was once reserved for US heads of state. This was deliberate. Both sides wanted the occasion to symbolise the start of a relationship that far exceeds cooperation in the management of global oil prices. Putin arrived in the kingdom at a moment when the current US administration’s strategy—if the term can even be justified in this case—in the Middle East seemed more inexplicable than ever, as President Trump gave mixed messages to Turkey about the fate of Syrian Kurds. With the US having disappointed the Saudi leadership in failing to respond to the Abqaiq attacks
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
