The Christian Science Monitor

As OPEC watches nervously, Russia and Saudi Arabia create a new axis – of oil

Vladimir Putin and Saudi Crown Prince Mohammed bin Salman sat together in the stands at Moscow’s Luzhniki Stadium last week, locked in animated conversation as Russia's soccer team crushed Saudi Arabia’s 5-0 in the kickoff game of the FIFA World Cup.  It wasn’t just soccer that brought Mr. bin Salman to Moscow with his energy minister, Khalid al-Falih, in tow. 

The next day it was announced that Russia and Saudi Arabia had agreed to “institutionalize” their two-year old bilateral arrangement to coordinate oil production targets in order to smooth out global price fluctuations. Being two of the world’s three biggest oil producers

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