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Opec plans closer links with Russia to control half of the world’s oil supplies

A top-level delegation from Opec will travel to Moscow next month to forge closer ties between the oil producers’ cartel and Russia. The prospect of closer ties between Opec, whose 13 member states produce 40 per cent of the world’s oil, and Russia, the world’s second-biggest producer after Saudi Arabia, will alarm consumer countries. Together, Opec and Russia would produce about half of the world’s oil, giving them even greater control over prices if they chose to collaborate.

News Item details


Websites: http://www.the-times.co.uk

Keywords: Oil

Countries: Russia -

Organisation: OPEC

Subjects: Trading, Oil

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