JRL NEWSWATCH: “Russia-Saudi Plans for Super-OPEC Could Reshape Global Oil Order” – Bloomberg/Will Kennedy, Elena Mazneva, Wael Mahdi

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

“… the group overseeing the so-called OPEC+ deal met last night [with] proceedings … dominated by … Saudi Arabia and Russia. … probably a snapshot of the oil market’s future.  Beyond … this week’s diplomatic efforts to agree to an increase in oil production, the more significant longer-term development may be moves to make Russia’s role in managing global supply permanent, bringing together the two largest oil exporters.  Russia isn’t a member of OPEC, but for the last two years has led a group of countries outside the group lending support to the cartel, creating a coalition of 24 producers that’s been dubbed OPEC+. …”

[Russia and Saudi Arabia reportedly are considering the adoption of a constitution and secretariat by the 24-member coalition. The coalition conceivably could rival OPEC when it comes to managing future oil supplies. One added question is whether it offers weighted voting power based upon a country’s oil-related size and significance.]

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