Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman have discussed cooperation within the OPEC+ and bilateral ties between the two countries.
In a telephone conversation, the two praised Moscow-Riyadh cooperation within the context of the OPEC+, the Kremlin said in a statement.
“Both sides praised the level of cooperation within the OPEC+, which make it possible to take timely and efficient steps in order to maintain the balance of oil demand and supply. The sides noted the importance of the agreements in this regard, achieved during the recent ministerial meeting in Riyadh,” read the statement, which was carried by TASS news agency.
OPEC+, which groups the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC allies, provides some 40 percent of the world’s crude oil, meaning that its policy decisions can have a major impact on oil prices. Saudi Arabia is a top producer in OPEC+.
The call came as Saudi Arabia plans to make a sharp cut in its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group strives to increase collapsing oil prices.
Saudi Arabia’s official SPA news agency also announced the report, saying Putin and bin Salman discussed relations between the two countries and means of developing cooperation in various fields. It added that bin Salman received the phone call from Putin.
According to TASS, the two sides also touched upon the topic of boosting trade and economic ties between their countries, and an implementation of “perspective joint projects in investments, transportation logistics and energy.”
In addition, bin Salman and Putin “substantially reviewed the issue of ensuring stability on the global energy market,” according to the statement.