Russia’s Putin, Saudi Crown Prince discuss OPEC+ cooperation

STOCK OPEC — 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. Image Credit: AP

Riyadh: 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.

OPEC+ will do whatever it takes to calm oil markets – and global economy
Oil production cut by OPEC+ nations: Impact on fuel prices, explained
Oil extends biggest gain in year as shock OPEC+ cut reverberates
Oil set for third weekly gain on OPEC+ cut, inventory declines

The phone call between the 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.

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.