Saudis proposed Saudi Arabia and Russia divide the oil market between them. For now Russians stayed cool
Igor Sechin, the powerful head of Rosneft, Russia’s big state oil company, has now confirmed that OPEC – the Saudi dominated oil producers’ cartel – has offered Russia membership. . . . For the moment the Russians are saying no. Possibly the real reason is that the Russians are at present expanding aggressively into the Chinese energy market from which they have just ousted the Saudis as the biggest oil supplier.