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Saudi Crown Prince and Putin discuss Opec+ deal  

By Pramod Kumar
People, Person, Adult REUTERS/Ahmed Yosri
Crown Prince Mohammed bin Salman and Russian President Vladimir Putin have expressed satisfaction with the level of cooperation to bring stability to the oil market

Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the Opec+ deal to cap oil production in a telephone call on Friday.

The two leaders expressed satisfaction with the level of cooperation between the respective countries to bring stability to the global oil market, the Kremlin said in a statement.

“The conversation proceeded in a friendly manner, constructive and informative. With this in mind, it was agreed to build up contacts in specific areas of cooperation,” the Kremlin added.

Earlier this month, Opec+, which includes other big producers led by Russia, announced further oil output cuts of around 1.16 million barrels per day (bpd) in a surprise move.

Saudi Arabia said the voluntary reduction of 500,000 bpd was a precautionary measure to support the stability of the oil market.

Russia also cut its crude oil output by 500,000 bpd until the end of the year to prop up the oil price.

Russia’s deputy energy minister Pavel Sorokin stated earlier that oil production is forecast to remain stable until 2025 and proved resilient in the face of Western sanctions.

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