Russian President Vladimir Putin and the Crown Prince of Saudi Arabia, Mohammed bin Salman, discussed the OPEC+ deal to cap oil production in a telephone call on Friday, according to a statement from the Kremlin. The two leaders expressed satisfaction with the level of cooperation between their countries in bringing stability to the global oil market.
The Kremlin described the conversation as friendly, constructive, and informative, and both leaders agreed to build up contacts in specific areas of cooperation. Putin and Crown Prince MbS have forged close business relations in recent years, and their discussions on the OPEC+ deal reflect their ongoing collaboration in the oil market.
OPEC, along with its leader Saudi Arabia, and Russia, the world’s largest oil producer, formed the OPEC+ alliance in 2016 to closely coordinate and manage global oil production levels. The alliance has been successful in stabilizing oil prices and managing supply-demand dynamics in the market.
Earlier this month, OPEC+ oil producers announced a surprise move to implement further oil output cuts of around 1.16 million barrels per day to address concerns of oversupply and ensure stability in the oil market. The telephone call between Putin and Crown Prince MbS underscores the ongoing efforts of Russia and Saudi Arabia to work together in managing global oil production and maintaining stability in the oil market.
