Saudi Arabia and Russia Deepen Energy Alliance as OPEC Weakens
Saudi Arabia and Russia are strengthening their energy partnership through OPEC+ and direct coordination as the traditional OPEC cartel faces internal divisions and member departures. The UAE's exit from OPEC in May 2024 and the rise of US shale oil production have reduced the cartel's influence over global oil markets. This realignment reflects both countries' efforts to maintain pricing power and geopolitical relevance amid Western sanctions on Russia and shifting global energy dynamics.
Russia and Saudi Arabia, which together produce over 20% of the world's oil supply, are coordinating more closely through OPEC+ and bilateral meetings as the traditional OPEC alliance loses influence. OPEC's power has declined due to internal divisions and competition from US shale oil, a trend accelerated by the UAE's departure from the 60-year-old cartel in May 2024. The two countries have intensified their relationship through repeated meetings between energy ministers and top officials, including Putin's 2023 visit to Riyadh and Russia's selection of Saudi Arabia as guest country at the 2026 St. Petersburg International Economic Forum. Despite Western sanctions on Russian oil, analysts note that Western buyers have increased purchases of sanctioned Russian crude to prevent dramatic price spikes that would harm their economies. Beyond oil, both nations are exploring economic diversification, with Saudi Arabia pursuing its Vision 2030 program to reduce oil dependence through investments in AI, mining, and major sporting events.
What different sources said
- Deutsche WelleCenter
Saudi Arabia and Russia draw closer amid OPEC upheaval
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