Ostracized by the West, Russia Finds a Partner in Saudi Arabia

Home » Business » Ostracized by the West, Russia Finds a Partner in Saudi Arabia

As Russia massed troops on its border with Ukraine and invaded the country at the start of the year, Saudi Arabia’s Kingdom Holding Company quietly invested more than $600 million in Russia’s three dominant energy companies.Then, over the summer, as the United States, Canada and several European countries cut oil imports from Russia, Saudi Arabia suddenly doubled the amount of fuel oil it was buying from Russia for its power plants, freeing up its own crude for export.And, this month, Russia and Saudi Arabia steered the Organization of the Petroleum Exporting Countries and its allied producers to reduce output targets in an effort to prop up global oil prices, which were falling, a decision that should increase the oil profits of both nations.Taken togeth …

Read More