Russia’s strategy has been to persuade Saudi Arabia to increase the group’s oil prices as much as possible while at the same time selling its own oil at a discount to this price.
, which was launched with the specific intention by Saudi Arabia to destroy - or at least severely disable for as many years as possible – the U.S.’s then-nascent shale oil sector. It was obvious to the Saudis at that point that ongoing build-out of the lower-cost U.S. shale oil sector would mean the gradual destruction of Riyadh’s power in the world and as a key player in the Middle East, given that its only true basis of power is its oil supplies. It would also mean that the U.S.
Following this, October 2017 saw Russia’s President Vladimir Putin invite Saudi Arabia’s King Salman bin Abdulaziz al-Saud, to Moscow - the first ever visit to Russia’s capital city made by a sitting Saudi monarch. At this meeting, and the many meetings on the side-lines between officials of the two countries in which the real business is done, US$3 billion or so of specific deals were agreed across a wide range of areas, not just in the oil sector.
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