The Kremlin reported that Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin spoke on the phone about OPEC+ cooperation.
According to a statement released on Friday, the two presidents “expressed satisfaction with the level of coordination within OPEC+ to ensure the stability of the global oil market.” Saudi Arabia made the initial phone contact.
The two de facto heads of the Organization of Petroleum Exporting Countries and its partners spoke on the phone after an unexpected round of output reductions earlier this month that exceeded 1 million barrels per day. Saudi Arabia took the lead in the cuts, promising to decrease output by 500,000 barrels per day, while Russia continued its current cut until the end of the year.
According to Kremlin spokesman Dmitry Peskov, the unexpected reduction was motivated by their desire “to maintain crude oil and petroleum product prices at a certain level.”
The leaders of Russia and Saudi Arabia also discussed their bilateral connections, with a particular emphasis on how to strengthen their “mutually beneficial ties in the trade, economic, investment, and energy areas,” according to the Kremlin. They also discussed the potential for cooperation between Saudi Arabia and the BRICS countries.
