Depending on who you ask, energy markets would likely be better off without more Saudi-Russia oil and gas cooperation, which will amount to greater clout in the Middle East as U.S. influence in the region wanes. After all, it’s been a cleverly orchestrated cohesive Saudi-Russian agreement, albeit the fledgling but increasingly powerful OPEC+ cartel, that reigned in an historic oil market overhang over the last two years, put a floor under global oil prices and returned OECD to five-year levels. This well-timed oil production agreement saw prices rise from a dismal dip below $30 per barrel in January 2016 to breaching $85 per barrel earlier this month. Though some of those gains have been pared the last few weeks, Brent oil is still hovering in the mid-$70s level, allowing oil producers and oil companies to recoup years of profit losses. This same oil production group, which could be formalized […]