A Saudi-Russia deal to cut?
Both countries want higher oil prices. But a troubled history and near-term market dynamics suggest the time is not yet ripe
Rumours of a deal between Russia and Saudi Arabia have given some recent strength to oil markets. From lows of around $27 a barrel in late January, Brent was trading above $35/b on 1 February.It’s a neat idea, one that sees Saudi Arabia’s marketing policy in the past eighteen months as tactical, not strategic. That is, the kingdom’s willingness to keep the taps open has been a way of bringing rival producers into line – forcing cuts upon them – as opposed to the broader, much-cited strategic goal of forcing them out of business so as to hoover up market share. Saudi Arabia has given the market a good sweating, to borrow Rockefeller’s term. Now it’s time to get around the table again and resc
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
