Russia-Saudi Oil Bromance Faces Big Test on Moscow Soccer Field

Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts

(Bloomberg) -- Saudi Arabia and Russia’s new-found unity may have ushered in a new era of oil market cooperation, but it’ll face a different test eight days before the oil producers’ next big meeting in June.

The two nations will play out the first game of the 2018 soccer World Cup in Moscow on June 14. Eight days later, OPEC and its allies led by Russia are due to meet in Vienna to decide whether to further extend supply cuts. Crude oil futures jumped in New York and London on Friday after the two nations agreed on Thursday to prolong supply restrictions to shore up a glut.

Saudi Arabia’s oil minister Khalid Al-Falih said Thursday that he counted his Russian counterpart Alexander Novak as a friend, and that the two nations stand “shoulder to shoulder” as they work to eliminate a supply glut.

What price the match ending in a diplomatic tie?

©2017 Bloomberg L.P.

Bloomberg
Stay Updated With Stock Market News on BloombergQuint
Subscribe to Bloomberg | Quint
The Daily Newsletter
News & Stock Alerts