Putin, MBS satisfied with coordination within OPEC+
At Riyadh's request, The two spoke over the phone earlier in the day at Riyadh's request, according to a Kremlin statement.
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Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman in the G20 leaders summit in Buenos Aires, Argentina November 30, 2018. (Reuters)
During a phone conversation on Friday, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman expressed satisfaction with the degree of cooperation within OPEC+ for the stability of the global oil market, according to the Kremlin.
The two spoke over the phone earlier in the day at Riyadh's request, according to a Kremlin statement.
The statement details that "A number of topical issues on the bilateral agenda were considered with an emphasis on the further expansion of mutually beneficial ties in the trade, economic, investment and energy fields. Satisfaction was expressed with the level of coordination within the framework of OPEC+ in order to ensure the stability of the world oil market."
The parties also addressed opportunities for cooperation between Saudi Arabia and the BRICS organization, as well as the situation in the Middle East and the resolution of crisis situations in this region, according to the Kremlin.
Saudi energy minister announced today that Saudi Arabia will be cutting down oil production at a rate of 500,000 barrels per day until the end of 2023, for the sake of stabilizing the oil market.
Russia reciprocated the decision and announced a downplay of oil production at the same rate. Iraq, UAE, Algeria, Kuwait, and Oman will be reportedly following suit to voluntarily cut down on oil production.
