QIA is partnering trader Glencore in taking almost one-fifth of the Russian oil major. Moscow will get a welcome cash injection. Doha will gain equity production, but maybe raise GCC hackles.

Qatar’s sovereign wealth fund the Qatar Investment Authority (QIA) and Geneva-based metals, minerals and energy trader and producer Glencore – in which QIA-owned investment house Qatar Holding is the largest shareholder with 9.25% – have surprised the petroleum industry with a...