Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed bin Salman discussed cooperation within the OPEC+ during a telephone conversation on Wednesday, the Kremlin said in a statement.
“Issues of multifaceted Russian-Saudi cooperation were discussed. In particular, attention was paid to measures to further strengthen trade and economic ties, the implementation of promising joint projects in the field of investment, transport logistics and energy.
“The two sides discussed in detail how to ensure stability in the global energy market. The parties highly appreciated the level of cooperation within the framework of OPEC Plus, which allows taking timely and effective steps to maintain a balance of supplies. and demand for oil. They noted the importance of the agreements reached during the recent ministerial meeting in Riyadh.
They also discussed “various aspects of Russian-Saudi cooperation within other multilateral organizations” and “agreed to continue contacts at various levels,” the Kremlin said.
They last spoke on the phone on April 21, according to the Russian state news agency TASS.
More background: OPEC+ is an alliance between the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC oil producing countries including Russia, Mexico and Kazakhstan.
Established in 2016, OPEC+ coordinates and regulates oil production and stabilizes world oil prices. Its members produce about 40% of the world’s crude oil production and have a significant impact on the global economy.
OPEC+’s decision to cut oil production in April could big consequences for Russia.
Following Russia’s invasion of Ukraine last year, the United States and Britain immediately stopped buying oil from the country. The European Union also stopped imports of Russian oil, which was shipped by sea.
G7 members – an organization of the leaders of some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the UK, and the US have also imposed a $60 per barrel cap on Russian oil exports, keeping the country’s revenues artificially low. If oil prices continue to rise, some analysts suggest that the US and other Western countries may have to relax this price cap.
Nicole Goodkind of CNN contributed to this report.