Russian President Vladimir Putin engaged in a productive phone conversation with Saudi Crown Prince Mohammed bin Salman, touching on vital aspects of their countries’ cooperation, particularly in the context of global energy markets. Their discussion revolved around the recent decision to extend voluntary oil supply cuts, a move that has garnered significant attention in the world of oil production.
Despite the rising tide in oil prices and analysts’ forecasts of a tight supply situation in the fourth quarter, Russia and Saudi Arabia opted to prolong their voluntary reductions in oil supply until the year’s end. Russia will continue to curtail its oil exports by 300,000 barrels per day, while Saudi Arabia will persist with its voluntary reduction of 1 million barrels per day.
The leaders expressed their high satisfaction with the level of cooperation their nations have maintained within the OPEC+ group, which comprises prominent oil-producing nations. This cooperation, coupled with their voluntary commitments to limit oil supply, is seen as a crucial factor in ensuring the stability of the global energy market.
Beyond the realm of energy, the Saudi Crown Prince conveyed his gratitude to Russia for its support of Saudi Arabia’s accession to BRICS, a significant move for the country. In response, President Putin congratulated Saudi authorities on the positive outcome of the BRICS summit held in Johannesburg at the end of August this year. During the conversation, Putin also outlined Russia’s primary objectives as it prepares to assume the presidency of the BRICS group in the coming year, underscoring the multifaceted nature of their collaboration.
