Bets On Ruble Suggest Russia Has Upper Hand In OPEC Deal As Oil Price Rises

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Kremlin is cooperating with OPEC in price supportive crude oil production cuts but the symbiotic relationship has given Russia a strong hand.

Share to twitterThe trading week ending Friday saw the Russian ruble atop the list of foreign exchange performance rankings, thereby joining the yen and Swiss franc in making gains against the dollar, at a time when risk appetite has been firmly off thanks to the ongoing US-Chinese trade tensions.

Russian Minister of Energy Alexander Novak , Saudi Oil Minister Khalid al-Falih , and OPEC Secretary General, Mohammed Sanusi Barkindo , surrounded by reporters during the opening of a meeting of energy ministers from OPEC and its allies to discuss prices and production cuts, in Jeddah, Saudi Arabia, Sunday, May 19, 2019.

Subsequently, OPEC and its Russian-led non-OPEC crude producing partners indicated they would probably maintain production cuts which have helped support prices this year, following their ministerial monitoring committee meeting, known as the JMMC, on Sunday in Jeddah, Saudi Arabia. Moscow appears to be at peace with oil prices above $60 per barrel, and Russian Energy Minister Alexander Novak has made little secret of it. From time to time, Novak subtly dangles the threat of the Russians breaking ranks and upping production., were in a similar vein."We are supportive of continuing our cooperation with our colleagues from other countries.

 

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See that Fulani man called Mohammed Sanusi Barkindo looking like one of the Saudi Royals. You better thank 1966 coup that put your kind in power. Criminal gangs

Canadian oil is the best made product with the highest standards on the market.. why do we allow this

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