Russia has long been a potential dream partner for the Organization of the Petroleum Exporting Countries (OPEC). Russia could greatly enhance the cartel’s market power and has several allies among the OPEC member states. During the 2010s, it seemed that the potential of the OPEC–Russia relationship was finally being realized as they grew closer.
The political relationship between Norway and Russia will influence the development of Barents Sea oil and gas. The state plays a decisive role in both the Norwegian and Russian parts of the sea. It does so as a regulator, through taxation, and through the national oil and gas companies, Gazprom, Rosneft, and Statoil. Thus, if the two states have a good relationship characterized by mutual trus…