Published: July 18, 2024 11:06 am
Author: RT
The Russian president has discussed bilateral relations with the Saudi Crown Prince
Russian President Vladimir Putin has held a phone call with Saudi Crown Prince Mohammed bin Salman, highlighting the strategic importance of the OPEC+ group of nations for global energy markets, according to a statement from the Kremlin on Wednesday.
The two leaders discussed cooperation in trade, as well as partnerships in the political, economic, and energy sectors “based on the principles of mutual respect and consideration of each other’s interests.”
The Kremlin’s statement also underscored the nations’ mutual commitment to collaborative efforts needed to ensure the stability of global energy markets as a pillar of the world’s economic security. It emphasized the importance of further close coordination within the framework of the Organization of Petroleum Exporting Countries and allies, known as OPEC+, to fulfill that goal.
Seeking to shore up the market amid tepid growth in oil demand and geopolitical tensions across the globe, the group has made a series of deep output cuts since late 2022. In June, it cut output by 130,000 barrels per day (bpd) to 40.87 million bpd. Last month, OPEC+ agreed to extend most of the production cuts well into 2025.
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Saudi Arabia, the world’s third largest oil producer, and Russia – currently ranked as the biggest producer of crude in OPEC+ – have maintained close relations despite the West’s Ukraine-related sanctions, which Riyadh has not supported. Earlier this year, the kingdom joined the BRICS economic grouping, along with Egypt, Iran, Ethiopia, and the UAE. BRICS was founded in 2006 by Brazil, Russia, India, and China. South Africa joined in 2011.
Last month, Saudi Arabia refused to sign the final communique issued by the participants of the ‘Ukraine peace summit’ at Burgenstock Resort in Switzerland, citing the absence of Russia as a key reason. Other major players of the Global South, like China, India, Brazil, Mexico, and Indonesia either boycotted the gathering or did not sign the document.
