Is Russia Pushing Saudi Arabia Out Of Asia?

13 Sep 2017   China, Russia

Chinese industrial conglomerate CEFC has agreed to buy 14.16 percent in Russia’s Rosneft for approximately US$9 billion. The deal was no surprise as it came on the heels of a Rosneft announcement regarding the sealing of a strategic partnership deal with CEFC, but it is clearly indicative of a continuing warming between Moscow and Beijing that has given the former the upper hand in a race for market share with Saudi Arabia. True, the Kingdom and Russia have been forging closer ties in recent months, thrown together by the persistent depression in international oil prices. This new coziness also shouldn’t come as a surprise. As Shakespeare put it, “Misery acquaints a man with strange bedfellows.” Russia and Saudi Arabia may be amicable for the time being, but they are competitors and the most important focus of this competition is the Chinese oil market. As Bloomberg Gadfly’s Liam Denning notes […]

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