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A New Global Oil Order?

Russian President Vladimir Putin meets with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool/File Photo

Reuters: 'Axis of love': Saudi-Russia detente heralds new oil order

A meeting between the two men who run Russia and Saudi Arabia's oil empires spoke volumes about the new relationship between the energy superpowers.

It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting - going beyond the numerous times they had simply encountered each other at oil events around the world.

Their conversation also broke new ground, according to two sources familiar with the talks in the Saudi city of Dhahran last week who said the CEOs discussed possible ways of cooperating in Asia, such as Indonesia and India, as well as in other markets.

The sources did not disclose further details, but any cooperation in Asia between Russia and Saudi Arabia - the world's two biggest oil exporters - would be unprecedented.

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WNU editor: This is an alliance out of necessity .... both need higher oil prices to support their government's budgets. But the shale/fracking revolution has changed everything .... and I am sceptical that this oil alliance will work-out in the end.

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