From Gulf News: Closer cooperation between Opec and Russia, which between them supply half the world’s oil, could see a bigger political risk premium priced into oil and add more muscle to the producer group’s output policy.
Russia’s desire for deeper cooperation with Opec comes as its relations with the West have deteriorated over issues such as the conflict in Georgia. Moscow has already forged closer ties with Opec price hawks and US foes Venez-uela and Iran. The biggest potential effect on prices would come if Russia joined any move by the Organisation of the Petroleum Exporting Countries to cut supplies, an unlikely step with oil trading near $100 (Dh367) a barrel…. Full Article: Source