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A Diplomatic Coup--Or Bad Deal?(Column)

Newsweek International

| September 15, 2003 | Mcintyre, Stefanie | COPYRIGHT 2003 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Crown Prince Bin Abdul Aziz Al-Saudi is the first Saudi leader to visit Russia in more than 70 years. At the Kremlin last week, he and President Vladimir Putin vowed to fight terror and stabilize global oil markets, while signing an agreement of cooperation between their oil and gas industries. Putin even managed to get Saudi backing that he would support Russia's bid to become an observing member of the 56- nation Islamic Conference (OIC).

Washington has not protested but could feel threatened. Right now, America leads a consumer cartel with strong ties to the Saudis, and thus has great leverage over oil prices. Viktor Kremenyuk, deputy director of the U.S.-Canada Institute in Moscow, suggests that a Saudi- Russian alliance could reduce U.S. influence over both nations and shift the balance of oil power to producers ...

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Source: HighBeam Research, A Diplomatic Coup--Or Bad Deal?(Column)