Abstract: Against the backdrop of instability in the global energy industry, Moscow is seeking to consolidate its share of the oil and gas markets as well as ensure that its revenue stream from the oil trade does not thin out. With that in mind, Russia pursues a policy of engaging its natural rivals in the industry from the Middle East with the aim of dividing up the markets fairly and on mutually beneficial principles. Moscow negotiated an almost-impossible deal with Saudi Arabia to cut oil output and made peace with Turkey against all odds in order to protect its interests in the European gas market. These steps show that despite remaining ‘frenemies’ Russia and its regional counterparts find ways to maintain a balance in the global energy market.
About the Author:
Yury Barmin is a risk consultant whose work focuses on issues related to the Middle East and Russia’s positioning there. He is an Expert at the Russian International Affairs Council, covering the Middle East and North Africa and Moscow’s policy towards the region as well as the conflict in Syria. Mr Barmin holds an MPhil in International Relations from the University of Cambridge; his dissertation looked into the failed Arab Spring protests in Bahrain and Kuwait. He is interested in the politics of the Gulf and the ties that exist between Russia’s North Caucasus and the GCC monarchies.