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OPEC FACES OFF WITH RUSSIA


  • Saudi Arabia and Russia are both by far some of the lowest-cost oil producers in the world, flipping the narrative to a race for market share instead of an attempt to preserve prices.
  • Caught in the middle will be OPEC members counting on steady oil prices to keep their economies afloat (Iran, Iraq, Venezuela), supermajors and majors with projects that have just launched or are about to launch (ExxonMobil's strikes in Guyana, Equinor's Johan Sverdrup) and, of course, the massive US shale patch that is already facing an existential crisis by being over-leveraged.
  • Saudi Arabia and Russia have always been oil frenemies even at the best of times.



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