Putin and Saudi Arabia’s MbS urge all OPEC+ powers to join oil cuts

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By journalsofus.com

  • Putin discussed OPEC+ with MbS
  • Putin discussed the situation in the Middle East

MOSCOW, Dec 7 (Reuters) – Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman called on Thursday for all OPEC+ members to join a deal on oil production cuts, saying they were for the good of producers and the global economy in general.

Putin held a hastily arranged meeting in Riyadh with the Saudi crown prince on Wednesday after OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, pledged to press ahead. cut the exit.

Hours after Putin’s face-to-face talks with the Saudi crown prince, known as MbS, the Kremlin issued a joint statement detailing wide-ranging talks between them on oil, OPEC+, the wars in Gaza and Ukraine and even Iran’s nuclear program.

“In the field of energy, the two sides praised the close cooperation between them and the successful efforts of OPEC+ countries to improve the stability of global oil markets,” said the statement issued by the Kremlin.

Saudi Arabia and Russia are the world’s largest oil exporters.

“They highlighted the importance of continuing this cooperation and the need for all participating countries to join the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy,” the statement reads. release. in Russian, he added.

The Russian version used the word “join,” while an English translation of the statement, also released by the Kremlin, used the word “join” the OPEC+ deal.

Total restrictions amount to 2.2 million bpd from eight producers, OPEC said in a statement after last week’s meeting. But not all OPEC+ members agreed to extend or deepen voluntary oil cuts.

After the OPEC+ meeting, Saudi Arabia agreed to extend voluntary oil production cuts of 1 million barrels per day (bpd) into the first quarter, while Russia said it would continue to curb oil exports by 300,000 bpd and also would reduce its fuel exports by 200,000 bpd. in January – March.

OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela and expanded to 13 members. In 2016, OPEC signed an agreement with 10 other oil producers, including Russia, to create OPEC+.

Russia and Saudi Arabia have coordinated supply cuts – both as part of OPEC+ and with side deals – to support oil prices in recent years.

Reuters information; Edition by Alexander Smith

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As Moscow bureau chief, Guy is responsible for coverage of Russia and the Commonwealth of Independent States. Prior to Moscow, Guy led Brexit coverage as London bureau chief (2012-2022). On Brexit night, his team achieved one of Reuters’ historic victories: reporting Brexit news first to the world and the financial markets. Guy graduated from the London School of Economics and began his career as an intern at Bloomberg. He has spent more than 14 years covering the former Soviet Union. He speaks Russian fluently. Contact: +447825218698

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