Kremlin: Putin, MBS discuss development in global oil market

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Russian President Vladimir Putin and Saudi Crown Prince Mohammad bin Salman discussed Thursday in a phone call the developments in the global oil market.

According to the Kremlin press service, "Both sides praised the level of friendly relations between Russia and Saudi Arabia."

"They discussed topical issues of bilateral cooperation, with an emphasis on the expansion of mutually beneficial trade and economic ties," the Kremlin said.

Putin and bin Salman focused on the importance of further coordination within OPEC+, and were "pleased to note that the OPEC+ member countries consistently fulfill their obligations in order to maintain the necessary balance and stability in the global energy market," the Russian presidency indicated. 

The two leaders "also discussed the situation in Syria following the meeting of the leaders of the guarantor states of the Astana Process on the settlement in Syria, held on July 19 in Tehran," the Kremlin mentioned, adding that the two sides "agreed to maintain contacts at various levels."

The phone call comes six days after US President Joe Biden's visit to Saudi Arabia to attend the Jeddah Summit for Security and Development, with no clear signs whether the Kingdom would increase oil production to bring down fuel prices.

It is noteworthy that Saudi Foreign Minister Prince Faisal bin Farhan pointed out that oil production was not discussed at the summit, asserting that Riyadh will do everything necessary to balance out the oil market and that OPEC+ will continue to assess the conditions and do what is necessary.

OPEC+ will be having its next meeting on August 3 - the alliance includes Russia, a prominent distributor of energy globally.