Gulf oil and gas map, cropped

Saudi-Russian axis likely to adapt, not die, to keep oil market buoyant

In depth
Issue 1151 - 17 Jul 2022 | 11 minute read

Oil and gas markets are expected to remain buoyant, whether or not Saudi Arabia makes concessions to the United States and Europe by pumping more crude. Ahead of a crucial early-August meeting of Opec+ ministers, the signs are that the Saudi-Russian axis will hold, but the market is restructuring with China and other Asian buyers taking more from Russia while the Gulf sends more to Europe.

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