The U.S. must bust up the new China-Russia-Saudi Axis of Oil | Opinion
The world’s economy still runs on oil. It provides a third of all global energy and fuels over 90% of transportation. Cheap energy drives economic growth while rising oil prices act like a regressive tax on everything and everyone.
On the other hand, Russia and Saudi Arabia are the world’s two largest oil exporters. They are China’s biggest suppliers, and both plan to increase their oil exports. The energy axis that has emerged between Beijing, Moscow and Riyadh is based on solid economic interests and has begun to develop a political component.
Putin and Xi also demonstrated a new level of political cooperation, declaring that the “friendship between Russia and China knows no bounds.” In a major break with previous Chinese policy, Xi backed Putin in his confrontation with the United States over Ukraine by issuing a statement opposing any further expansion of NATO. Both economic and political issues will likely push Russia and China toward closer cooperation.
One of King Salman’s most significant achievements has been creating new levels of cooperation with Moscow, especially in oil markets. Since November 2016, Saudi Arabia and Russia have led the alliance of oil producers known as OPEC Plus. As the two members with the most production and spare capacity, Saudi Arabia and Russia have often worked together to influence oil prices.
For decades, the United States has been the foremost foreign military power in the Middle East. It still is. However, Russia now has a military presence in Libya and Syria. China has built a naval base at the mouth of the Red Sea and a major port in Pakistan.
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