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.