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Saudi Crown Prince Looks To Build The Largest Oil Cartel In History

Saudi Crown Prince Looks To Build The Largest Oil Cartel In History

"It now has more than $250bn assets under management", said FT.

Russian Federation is working with members of the Organization of Petroleum Exporting Countries (OPEC) to help hammer out a deal that would impact world oil supplies for the next decade, according to reports.

Saudi Arabia's crown prince will rub shoulders in NY with top figures from Wall Street and Corporate America today, part of a whistle-stop first visit to the United States since becoming King Salman's heir apparent previous year.

The 32-year-old Saudi royal - who was named crown prince by his father, King Salman, last summer - is now in the midst of a two-week trip to the US.

The idea to extend the current oil supply cooperation between OPEC and the Russia-led non-OPEC producers into a kind of permanent framework of cooperation emerged last month, after UAE's Energy Minister Suhail Al Mazrouei said that OPEC and Russian Federation aimed to have a plan for long-term cooperation drafted by the end of 2018 to create a "supergroup" of oil producers.




Crude has since recovered to $70 but fast-rising output from USA shale producers has capped prices.

A long-term pact between Moscow and Riyadh would effectively co-opt Russian Federation to the Saudi-led OPEC cartel while strengthening Russia's hand in the Middle East where the United States has always been the dominant super-power.

Meanwhile, Saudi Crown Prince met with UN Secretary General Antonio Guterres on Tuesday evening and discussed several Arab issues including situation in Yemen and Syrian crisis. In October 2017, the crown prince's father King Salman became the first Saudi monarch to ever visit Russian Federation. Saudi was a staunch cold war ally of the U.S. Now this Russia-Saudi alliance appears to be thicker than oil and seems to be driven by the personal affinity between Putin and MBS, ” said Croft.

"The PIF aims to raise funding from the proceeds of privatising state assets, including the planned stock market listing of energy giant Saudi Aramco, government allocations and debt".

Saudi Oil Minister Khalid al-Falih said last week that documentation was ready but that a venue for the IPO had not yet been decided.


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