Roosevelt Institute | Cornell University

Oil Monopolization and the Saudi-Russian Accord

By Jady Wei Published February 28, 2016

For over a decade, nations in the Middle East have relied on their oil reserves as a primary means of economic income and revenue. The recent February 16th accord between Saudia Arabia and Russia proved that the deal on oil supply control, which has meandered on for almost 15 years, has finally reached an agreement. The statement made by the two leading nations in global oil reserves is a portent for the freeze of oil production at January levels, if other nations were to agree on joining the accord. Subsequently, this may galvanize a path towards shoring up oil prices, as the nations aim to restore the Middle East's monopoly on the oil price market.

Dubious Growth

By Jady Wei Published November 10, 2015

Many countries, including the U.S., view China's lowering of interest rates as a clear indication that China's economy is still in a deteriorating and volatile state. Moreover, the Chinese government appears to be aware of that, through the numerous incidents of rate reduction. The Chinese market is not as stable as the government strives to convey.