Russia's Policy Towards OPEC

Russia and OPEC are major oil producers. Considering the growing energy demand for the global economy, both parties are consistently increasing their exports of hydrocarbons and developing new supply capacities. Meanwhile, both parties have a mutual interest in creating a stable market by cooperating. However, the likelihood of Russian cooperation with OPEC is largely a function of oil prices and the political relations between Russia and OPEC countries. The following article deals with the relations between Russia and OPEC since the collapse of the USSR to the economic crisis in 2008. The author examines the political, cultural and economic conflicts between the two parties and their different attitudes toward the oil market in order to assess their chance to fully cooperate in the long term.