A few days ago, Joe Biden’s trip to Saudi Arabia took place
The Russian president Vladimir Putin and Crown Prince of Saudi Arabia Mohammed bin Salman they spoke by phone today about the situation in the oil market, underlining the importance of cooperation within Opec+, according to the Kremlin.
Their phone call comes less than a week after a meeting between the crown prince, de facto leader of the Saudi kingdom, and the US president Joe Biden in Jeddahon the western side of the country.
The Russian president and the Saudi prince discussed “in detail the situation in the international oil market. The importance of strengthening coordination within Opec+ was underlined,” the Kremlin said in a statement.
“It was noted with satisfaction that member countries of this scheme consistently meet their obligations to maintain the balance and stability necessary in the global energy market,” the statement added.
Opec+ is attended by Organization of the Petroleum Exporting Countries (OPEC)of which Saudi Arabia is a member, as well as another group of oil-producing countries, of which Russia is a member.
According to the Kremlin, the two leaders also discussed the war in Syria, specifically the trilateral summit in Tehran this week involving Russia, Iran and Turkey, three key players in the conflict that has been raging in that country since in 2011.
The phone conversation took place amid a tense environment in the hydrocarbon market, as its attack Moscow in Ukraine has caused great instability.
On June 2, OPEC+ agreed to a bigger-than-forecast production increase, a step Biden welcomed after the United States they had asked for more supply.
Sources told Reuters that Saudi Arabia consulted closely with Russia before pushing for production increases.
Riyadh wants to keep Russia on board in order to increase its influence in the oil market, while Moscow benefits from being a member of OPEC+ at a time when the West is trying to strangle its economy with sanctions because of the war.
RES-EMP
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