The Kremlin confirmed on Wednesday that a phone call had occurred between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, stressing that deals regarding supply cuts reinstated stability in global energy markets.

The day prior, both nations, which are global leaders in oil production declared an extension to voluntary oil supply cuts until the end of the year.

Russia's decision to reduce oil exports by 300,000 barrels per day (bpd) will stay put, while Saudi Arabia is due to extend its decision of its voluntary oil output reduction of 1 million bpd. According to the Kremlin's decision, both leaders of Russia and Saudi Arabia expressed satisfaction with the bilateral cooperation within the OPEC+ group framework of top oil producers.

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"It was noted that the agreements reached on reducing oil production, combined with voluntary commitments to limit the supply of the commodity, make it possible to ensure the stability of the global energy market," the Kremlin said in its statement representing the phone call. 

Further cooperations 

Back in June, members of the OPEC+ group agreed to cut oil outputs to 40.463 million barrels per day throughout 2024, the group said in a statement after a meeting in Vienna.

"The Participating Countries decided to… [a]djust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the [Declaration of Cooperation] to 40.46 mb/d, starting 1 January 2024 until 31 December 2024," the group said in its joint statement.  

Russia and Saudi Arabia have been strengthening their bilateral relations, especially in light of oil production, Riyadh's growing differences with the US, and increasing relations with China.

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