“… Russia and Saudi Arabia ha[ve] agreed to ‘institutionalize’ their two-year old bilateral arrangement to coordinate oil production targets in order to smooth out global price fluctuations. Being two of the world’s three biggest oil producers – the third is the United States – their combined weight can be decisive. In 2016, Moscow and Riyadh agreed to slash production, and prices have since edged up from around $40 per barrel to more than $65 at present. … Russia is more active in the Middle East than at any time since the collapse of the Soviet Union … forging fresh ties with … Saudi Arabia … Israel, Iran, Qatar, and Turkey. … [along with] Russia’s military intervention in Syria …. * * * This week Saudi Arabia and Russia agreed to increase production by up to 1.5 million barrels per day, which could lead to falling global prices. …”