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. 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. Saudi’s then oil minister, Ali al-Naimi, retaliated by saying the Russian oil output would collapse as a result of low prices, a prediction that turned out to be wrong. When oil prices collapsed, both economies were driven into deficit after years of high spending and are only now slowly recovering. Saudi Arabia and Russia say they will remain in partnership long after the current output reduction deal expires.

Source: Egypt Independent June 01, 2017 08:59 UTC