Look Who it Was Random video

Saudi king's visit to Russia heralds shift in global energy markets

662 views · Published 6 October 2017 · 1:33 · Indexed 13 October 2026

Channel: CGTN · 2017 · News & Politics

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Saudi Arabia and Russia are the world’s two biggest oil exporters and together they make up almost half of the world's production. Previously, they regarded each other as competitors in the global energy market but things started to change in 2014. Crude oil prices entered a rough patch with prices plunging from over 107 US dollars per barrel to just over 25 dollars in early 2016. Both nations faced similar challenges, such as budget deficits, currency depreciation and the need to diversify their exports. Given this background, the two countries are the major backers of an oil production cut agreement that stopped that oil prices falling in May 2017.

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