Saudi Arabia and Russia are strengthening their alliance amid OPEC upheaval. The two countries produce over 20% of the world's oil.
Key facts
- •Saudi Arabia and Russia produce over 20% of the world's oil
- •The UAE has left OPEC, reducing the group's membership to 11 countries
- •Russia and Saudi Arabia have been coordinating on oil output
- •Saudi Arabia is diversifying its economy through its 'Vision 2030' program
- •Global oil demand is forecast to grow by 1.2 million barrels a day in 2026
- •Russia is suffering under Western sanctions and depends on a 'shadow fleet' of oil tankers
Saudi Arabia and Russia each produce between 9-10 million barrels of oil a day, giving them significant control over supply. As OPEC's power wanes, the two countries are drawing closer, both directly and through the OPEC+ alliance.
OPEC Upheaval
The Organization of the Petroleum Exporting Countries (OPEC) has seen its power decline due to internal divisions and the rise of US shale oil production. The United Arab Emirates (UAE) recently announced it would leave OPEC, reducing the group's membership to 11 countries. This exit will weaken OPEC's pricing power in the long run.
Russia-Saudi Alliance
Saudi Arabia has been drawing closer to Russia, which is not an OPEC member. The two countries have been coordinating on oil output, and Russian President Vladimir Putin has met with Crown Prince Mohammed bin Salman. Russia has made Saudi Arabia its guest country at the St. Petersburg International Economic Forum (SPIEF) in 2026.
Economic Interests
Saudi Arabia is diversifying its economy through its 'Vision 2030' program, aiming to reduce dependence on oil. Russia, on the other hand, is suffering under Western sanctions and depends heavily on a 'shadow fleet' of oil tankers. Despite this, the two countries are likely to focus on oil cooperation, with global oil demand forecast to grow in 2026 and 2027.
This article was independently rewritten by ManyPress editorial AI from reporting originally published by Deutsche Welle Business.
