Rakesh Upadhyay, OilPrice.com: Will Russia End Up Controlling 73% of Global Oil Supply?
Russia has played a master stroke in the current oil crisis by taking the lead in forming a new cartel, but it’s a move that could spell geopolitical disaster.
The meeting between Russia, Qatar, Saudi Arabia and Venezuela on 16 February 2016 was the first step. During the next meeting in mid-March, which is with a larger group of participants, if Russia manages to build a consensus—however small—it will further strengthen its leadership position.
Until the current oil crisis, Saudi Arabia called the crude oil price shots; however, its clout has been weakening in the aftermath of the massive price drop with the emergence of US shale. The smaller OPEC nations have been calling for a production cut to support prices, but the last OPEC meeting in December 2015 ended without any agreement.
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WNU Editor: If Putin can pull this off .... I will not be surprised .... I will be shocked .... and I am someone who is rarely shocked when it comes to geopolitics.
3 comments:
WNU,
Better get out your "shocked face". Also this is one of those situations where the effort on the part of Russia and others, may very well be as important as the outcome. This had to be a major reason for Putin to move physically into the area. The Syrian conflict is just a great excuse. The other I now believe is dealing with NATO through maneuvers against Turkey. Erdogan at this point doesn't stand a chance unless he dances to Putin's tune, which he's begun to, re: refugee crisis in Europe.
Well James, I will keep your words in mind.
James
If a man or country wants to rule the world it has to beat the president....Vova has done that masterfully!
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