Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman spoke by phone on Thursday and underlined the importance of further cooperation within the OPEC+ group of oil producers, Reuters reports, citing a release from the Kremlin.
President Putin and Prince Mohammed discussed continued cooperation within OPEC+, according to reports. “It was emphasized that a further coordination within OPEC+ is important,” the statement from the Kremlin said.
As Reuters notes, “the conversation took place six days after U.S. President Joe Biden visited the prince in Saudi Arabia – highlighting the kingdom’s importance to both Washington and Moscow at a time when Russia’s war in Ukraine is roiling global energy markets.”
“It was noted with satisfaction that the countries participating in this format are consistently fulfilling their obligations in order to maintain the necessary balance and stability in the global energy market,” the statement said.
Prices of crude oil on international indices have fallen in recent weeks. While crude remains more than a quarter higher this year, the bulk of the gains triggered by Russia’s invasion of Ukraine have been reversed, Bloomberg reports.
