JRL NEWSWATCH: “Russian-Saudi Oil Cooperation Won’t Last; They say they will cut production. But it’s in the interests of both big oil producers to pump as much as they can.” – Bloomberg/Leonid Bershidsky

Oil Well file photo

“There’s a nasty undercurrent to the surprisingly strong Saudi-Russian oil alliance behind the upcoming oil production cuts …. Saudi Crown Prince Mohammed bin Salman may high-five … Putin in public, but … expect[s] that Russia will disappear from the oil market …. Eventually … the two big exporters may not be interested in production-cutting deals as they square off for important markets and seek to keep the U.S. out of them. In a Bloomberg interview … [he said that e]ven if the demand for oil starts declining after 2030, ‘countries will continue every day to disappear as countries producing oil. Nineteen years from today, Russia will have declined heavily if not disappeared with [its] 10 million barrels [a day],’ he said. ‘… comparing the rise of the demand for oil and the disappearing supplier, Saudi Arabia needs to supply more in the future’ ….”

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