Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman al Saud held a phone call Wednesday in which they discussed cooperation within the Organization of the Petroleum Exporting Countries and its allies (OPEC+).
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The Kremlin press office said in a statement that “both sides highly valued the level of cooperation within OPEC+, which make it possible to take timely and efficient measures in order to maintain the balance of oil demand and supply.”
They noted “the importance of the agreements in this regard, reached during the recent ministerial meeting in Riyadh,” the statement added. Putin and Bin Salmán “substantially reviewed the issue of ensuring stability in the global energy market.”
The two leaders also spoke of measures to deepen bilateral trade and economic relations, as well as to launch joint projects “in the field of investment, transport logistics and energy.”
Putin on the relationship with the Saudi prince: Focus on the energy market.
Russian President Vladimir Putin spoke by phone with Saudi Arabia’s Crown Prince Mohammed bin Salman al-Saud about current issues of multilateral Russian-Saudi cooperation, the Kremlin press service… pic.twitter.com/gA52URYKaM— Sprinter (@Sprinter99880)
June 7, 2023
The Russian president and the Saudi crown prince held the last phone call on April 21. OPEC+ member countries recently agreed to keep oil extraction next year at a level of 40.46 million barrels per day.
The decision means that the reduction in OPEC+ oil production in 2024 will be 1.396 million barrels per day.
The organization said the move is aimed at “achieving and maintaining oil market stability, as well as ensuring long-term market predictability.”
