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Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016

Increasing Influence: 'Russia Could Soon Control 73% of Global Oil Supply'

© REUTERS/ Sergei Karpukhin
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Russia's role in the current oil crisis is increasingly changing. Since the influence of Saudi Arabia has been gradually weakening, Russia has started to play an important role in determining oil prices, German newspaper Deutsche Wirtschafts Nachrichten (DWN) reported.

In the context of the ongoing oil crisis Russia has now assumed a decisive role in the formation of a new cartel, which could lead to a new geopolitical order, the newspaper wrote.

After the first meeting between Russia, Qatar, Saudi Arabia and Venezuela in February, a new round of talks will be held again in mid-March, but this time with a larger group. Should Russia be able to reach consensus during the meeting, it would strengthen its leading role on the oil market and even help it control most of the global oil supply, the article said.

Before the crisis Saudi Arabia was the main country that determined developments on the oil market, but meanwhile its influence is significantly weakened. Moreover, friendly relations between Saudi Arabia and the United States have also deteriorated after Washington supported the abolition of sanctions against Iran and signed a deal on the Iranian nuclear program.

According to the newspaper, falling oil prices may contribute to closer cooperation between Saudi Arabia and Russia. Although the countries failed to reach an agreement on the Syrian crisis, the current oil crisis could pave the way for cooperation between the two countries.

Russia's active involvement in the fight against Daesh is likely to ensure Moscow the support of Iraq. Moreover, if Russia will be able to negotiate an agreement between its longtime ally Iran and Saudi Arabia, it would then become a leader among of all main oil producing countries, which represents 73 percent of the global oil supply, the newspaper concluded.

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Tags:
Middle East, Oil, supply, OPEC, Russia, Saudi Arabia
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  • Lambrecht Albert van Marion
    Baked air
  • chrrev
    Excellent news. Time is up for tne yankee scum and their pals in Riyadh
  • Ivan Buckeye
    Russian natural resources are the main reason for the U.S. scramble in the middle east and central Asia. Eventually, the mainstays of oil for the west will become depleted, as is quickly becoming the case, and those nations which have under-utilized resources such as oil will become the focus of attention. Read more of the problems that the industrialized world faces with the rapid depletion of oil, or look at what the German Army reported to their government about peak oil. This article is not some hot air or "baked air", whatever the hell that is. Once the dunce cap comes off, articles like these will be looked upon as prophetic. Wait and see.
  • michael
    we should have a better understanding by the end of March then.
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