Putin, Saudi Crown Prince discuss OPEC cooperation

Bloomberg News April 21, 2023

(Bloomberg) – Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked about OPEC+ cooperation by phone, the Kremlin said.

The two leaders expressed “satisfaction with the level of coordination within OPEC+ in order to ensure the stability of global oil market,” according to a statement on Friday. The phone call was initiated by Saudi Arabia.

The phone call between the two de-facto leaders of the Organization of Petroleum Exporting Countries and its allies follows an unexpected round of output cuts exceeding 1 million barrels a day earlier this month. The reductions were led by Saudi Arabia with a pledge to curb production by 500,000 barrels a day, while Russia extended its existing cut until the end of the year.

The surprise cuts were driven by their interest “in keeping crude oil and petroleum product prices at a certain level,” Kremlin spokesman Dmitry Peskov said on April 3.

Russia and Saudi Arabia’s leaders also discussed bilateral relations, with a focus on further expansion of “mutually beneficial ties in the trade, economic, investment and energy areas,” according to the Kremlin. They also talked about the prospects of Saudi Arabia’s cooperation with the BRICS nations.

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