John K. Defterios, Anchor and Emerging Markets Editor, CNN International speaks during the 2012 of the World Economic Forum at the congress centre in Davos, Switzerland, January 27, 2012. (Wikipedia/Michael Wuertenberg)
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Last autumn, the world's two largest oil producers united during an OPEC-non-OPEC meeting in Algiers to publicly declare their commitment to cut output and support prices.That agreement was reinforced this week with a high-profile meeting between Russia's President Vladimir Putin and Saudi Arabia's Deputy Crown Prince Mohammad bin Salman, the new driving force in the kingdom.In the 21st century, that match has moved to China and is spreading to other parts of Asia.The result, Putin and Chinese counterpart Xi Jinping signed a 30 year, $400 billion agreement to supply natural gas to the world's largest emerging market.The deal includes a giant refinery on the Red Sea handling 400,000 barrels of crude a day, a similar facility in China and the kingdom has made a long-term commitment by putting its Asian headquarters in Beijing with 1000 employees.The current ruler King Salman spent a month touring from Southeast Asia to China cementing oil and gas deals all along the way.
U.S. president’s uneasy alliance with OPEC
Shock and awe in Saudi Arabia
of the GCC
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