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Putin, Saudi Prince Urge OPEC+ Powers To Join Oil Cuts For Economy

The Kremlin said Putin and MbS also discussed the conflicts in Gaza, Ukraine and Yemen, the Iranian nuclear programme and deepening defence cooperation.

Riyadh: Saudi Arabia and Russia, the two biggest oil-exporting countries, have asked all OPEC+ members to agree to reduce how much oil they produce. This is meant to help the world economy. They made this request after a meeting among the countries in the group that didn't go smoothly.

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman had a meeting in Riyadh, and they released a statement together. Last week, OPEC, Russia, and some other countries agreed to cut the amount of oil they produce by a total of about 2.2 million barrels per day (bpd). Saudi Arabia and Russia will keep cutting 1.3 million bpd voluntarily.

The statement from Russia's government praised how well Russia and Saudi Arabia are working together and how successful OPEC+ has been in stabilizing the global oil markets. It stressed how important it is to keep this collaboration going and for every country involved to stick to the OPEC+ agreement. This agreement helps both those who produce oil and those who use it, supporting the growth of the global economy.

Even though the English translation used the word "adhere," the Russian version used "join" to talk about the OPEC+ agreement. According to Saudi state news agency SPA, both Putin and Crown Prince MbS emphasized how committed OPEC+ members are to this agreement.

People who know the industry noticed that mentioning "joining" cuts seemed like a specific message to certain oil-producing countries. The reason behind Putin's trip to Riyadh and Abu Dhabi, along with four Russian fighter jets, is still unclear.

The joint statement also talked about different global issues, like conflicts in Gaza, Ukraine, and Yemen, the Iranian nuclear program, and plans for better defense cooperation.

Putin and MbS, who together control a fifth of the world's daily oil production, showed they are working together in their meeting. Both leaders want high oil prices for their economies but are figuring out how to share the responsibility to keep these prices up and make sure everything is checked correctly.

Putin mentioned a change in plans about the crown prince visiting Russia, leading to him going to Riyadh instead. Despite this change, both leaders said they are ready for the next meeting in Moscow, showing they want to keep building a friendly relationship.

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