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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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