Russia-Saudi Oil Bromance Faces Big Test on Moscow Soccer Field
(Bloomberg) -- Saudi Arabia and Russia's new-found unity may have ushered in a new era of oil market cooperation, but it'll face a different test eight days before the oil producers' next big meeting in June.
The two nations will play out the first game of the 2018 soccer World Cup in Moscow on June 14. Eight days later, OPEC and its allies led by Russia are due to meet in Vienna to decide whether to further extend supply cuts. Crude oil futures jumped in New York and London on Friday after the two nations agreed on Thursday to prolong supply restrictions to shore up a glut.
Saudi Arabia's oil minister Khalid Al-Falih said Thursday that he counted his Russian counterpart Alexander Novak as a friend, and that the two nations stand “shoulder to shoulder” as they work to eliminate a supply glut.
What price the match ending in a diplomatic tie?
To contact the reporter on this story: Alex Longley in London at alongley@bloomberg.net.
To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net, Brian Wingfield
©2017 Bloomberg L.P.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
