Russian President Vladimir Putin held a phone conversation with Saudi Crown Prince Mohammed bin Salman, during which they discussed strengthening trade relations and implementing investment, logistics and energy projects.
The Kremlin statement stated: “Russian President Vladimir Putin held a telephone conversation with the Crown Prince of the Kingdom of Saudi Arabia, Mohammed bin Salman.”
He added, “Attention was focused in particular on measures related to strengthening trade and economic relations and the implementation of joint promising projects in the Kingdom of Saudi Arabia. In addition to discussing areas of investment, transportation of logistics and energy.”
The Kremlin pointed out that Putin and the Saudi crown prince valued cooperation within the framework of “OPEC +”.
The “OPEC +” alliance pumps about 40% of global crude, and decided to reduce production by 3.66 million barrels per day, which represents 3.6% of the volume of global demand.
And the “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, decided last Sunday, after seven-hour talks, to cut an additional 1.4 million barrels per day of total production targets from 2024.
Saudi Arabia will significantly reduce its production from July, in addition to the broader cut agreed upon in “OPEC +” to limit supply until 2024, as the group seeks to boost falling oil prices.
The statement of the “OPEC +” group revealed that the members of the alliance will reduce the target production level for the year 2024 by 1.4 million barrels from the current production targets.
6 countries, namely: (Russia, Iraq, the Sultanate of Oman, the Emirates, Algeria, and Kuwait), joined Saudi Arabia’s decision to extend the voluntary oil production cut until the end of 2024.
And an official source in the Saudi Ministry of Energy announced that, as a precautionary measure, the Kingdom will extend its voluntary cut of 500,000 barrels per day until the end of December 2024, in coordination with some of the countries participating in the “OPEC +” agreement.