The two presidents concur that OPEC and its partners should keep cooperating to preserve stability in the world oil markets.
Vladimir Putin, the president of Russia, spoke by phone on Thursday with Mohammed bin Salman, the crown prince of Saudi Arabia, about the state of the world oil markets. According to a statement from the Kremlin, the two presidents commended the strong level of “friendly” bilateral ties and their collaboration within the OPEC+ alliance.
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According to the Kremlin, the two presidents stated that the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, are “consistently implementing their commitments” to maintain stability and balance in the world energy market.
Last month, the group decided to expand production throughout July and August by 648,000 barrels per day (bpd), or 0.7 percent of the world’s demand. The decision was made in response to Western nations’ pressure on OPEC to solve the global energy shortages that have been made worse by sanctions on Russia. However, the action did not result in a decrease in oil prices at the time.
According to the Kremlin, Putin and bin Salman spoke about bilateral relations on Thursday with an emphasis on “developing mutually beneficial trade and commercial ties.” Back in May, Riyadh said that its relations with Russia and Ukraine would not be impacted by the latter’s military intervention in the former, as the kingdom aimed to preserve its significant trading ties with both nations.
According to the Kremlin summary, the two presidents also discussed the Syrian issue. Putin stated that the US should cease “looting” Syria on Tuesday following their meeting in Tehran with Iranian President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan. Hundreds of American soldiers are still stationed in Syria, where they are in charge of the nation’s northeastern oil fields and wheat fields.
The Wall Street Journal stated at the time of the phone call that ties between Washington and Riyadh had fallen to an all-time low. The story cites sources in Washington and Riyadh to claim that the hatred between US Vice President Joe Biden and bin Salman on a personal level has played a significant role in the deterioration of ties.
