What Russia, OPEC, And The West Want From The New Global Oil Market

The recent comment by the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al Ghais, that the International Energy Agency (IEA) should be “very careful about further undermining” oil industry investments highlights the ongoing war between the big net buyers of oil allied to the U.S., and big net sellers of oil in the OPEC grouping. Contemporaneous news that Russia has slashed OPEC’s share of one of the biggest global buyers of oil, India, to the lowest in over two decades also illustrates…