Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman recently held discussions to further strengthen cooperation on oil prices. The meeting comes in the wake of a fall in oil prices, despite the OPEC+ alliance’s pledge to cut output further.
Kremlin spokesperson Dmitry Peskov confirmed that cooperation within OPEC+ would continue. The discussions between Putin and MbS took place during Putin’s rare foreign trip, which also included a meeting with Sheikh Mohammed bin Zayed Al Nahyan in the United Arab Emirates.
The agenda for the meetings covered a wide range of topics, including oil, OPEC+, the conflict in Gaza, Ukraine, and bilateral relations. These talks reflect the importance both leaders attach to maintaining stable oil prices, as high prices are crucial for their economies.
Furthermore, Putin is set to host Iranian President Ebrahim Raisi in Moscow on Thursday. This upcoming meeting adds to the series of high-level talks taking place in the region.
Although the OPEC+ alliance has experienced disagreements and tensions in the past, they have always managed to reach agreements on production cuts. The meeting between Putin and MbS aimed to further solidify cooperation between Russia and Saudi Arabia in the energy market.
With oil prices being a crucial factor for both countries’ economies, it is essential for them to work closely together to stabilize the market. By discussing future cooperation on oil prices, Putin and MbS reaffirmed their commitment to maintaining stable oil prices and addressing any challenges that may arise in the sector.
As the global energy landscape continues to evolve, the collaboration between Russia and Saudi Arabia holds significant implications for the oil market and the global economy as a whole.
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