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Putin, MBS discuss energy market, OPEC+ cooperation: Kremlin

By Al Mayadeen English
Source: Agencies
7 Jun 2023 23:46

The two sides discussed measures to deepen trade relations, and implement joint projects “in the field of investment, transport logistics, energy.”

Russian President Vladimir Putin, left, shakes hands with Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman in Moscow's Kremlin, Russia, Tuesday, May 30, 2017. (AP)

The stability of the energy market and cooperation within the OPEC+ alliance were topics of conversation during a phone call between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Wednesday, according to the Kremlin.

The Kremlin said in a statement that "Russian President Vladimir Putin had a phone conversation with Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud,” adding that the sides discussed the issue of maintaining the “stability of the global energy market”.

It explained that both sides highly appreciated the level of cooperation within the framework of OPEC+, which invites timely and effective steps to maintain a balance between supply and demand for oil.

"The importance of the agreements reached in this regard during the recent ministerial meeting in Riyadh was noted."

The sides also talked about measures to deepen trade relations, and implement joint projects “in the field of investment, transport logistics, energy.”

On another note, Saudi Arabia became Europe's largest supplier of crude oil as the country sells its own supplies to the EU while bolstering its reserves by importing sanctioned Russian oil, a Bloomberg report published on May 28.

The Gulf country reportedly purchased around 174,000 barrels per day of diesel and gasoline in the month of April and imports increased in May, according to Bloomberg.

Saudi imports of Russian petroleum are at their highest levels since 2017 according to the data available from Vortexa Ltd. and Kpler, two shipping analytics firms.

Kpler has also said that Riyadh has surpassed the US in diesel and gasoline exports to become the global leader in the market.

35% of the Kingdom's fuel exports from the Jubail and Yanbu ports went to the EU and the UK in April as Saudi Arabia has been able to curb sanctions on the Russian energy sector by supplying Western countries with its own product while recycling Russian oil into domestic use or other markets.