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Title : Saudi-Russian Axis Rules Oil Markets
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Saudi-Russian Axis Rules Oil Markets

Pavel Golovkin/Reuters

Reuters: Saudi-Russian axis rules oil markets as Trump fights Iran

DUBAI/LONDON (Reuters) - Iran may be Russia’s ally in the Syrian conflict but when it comes to oil, Tehran’s arch-enemy Saudi Arabia takes precedence - if last week’s OPEC meeting in Vienna is anything to go by.

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.

But Saudi Arabia and Russia had other ideas. According to three sources close to OPEC and Russia, the world’s two biggest oil exporters agreed in May to work hand in glove to engineer a sizeable increase in oil output - albeit for different reasons.

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Update: Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says (CNBC).

WNU Editor: This Saudi-Russian axis may be ruling for the market for now .... but it is only for now.

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