Russian President Vladimir Putin had a telephone conversation with Crown Prince of Saudi Arabia Mohammed bin Salman, during which they discussed strengthening trade relations and implementing investment, logistics and energy projects.
The Kremlin said in a statement: “Russian President Vladimir Putin had a telephone conversation with Crown Prince of the Kingdom of Saudi Arabia Mohammed bin Salman.”
He added: “Attention was focused, in particular, on measures related to the strengthening of trade and economic relations and the implementation of joint promising projects in the Kingdom of Saudi Arabia. In addition to discussing the areas of investment, transportation, logistics and energy.”
The Kremlin indicated that Putin and the Crown Prince of Saudi Arabia value cooperation within the framework of OPEC+.
The OPEC+ alliance pumps about 40% of world oil and has decided to cut production by 3.66 million barrels per day, which is 3.6% 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 hours of talks to further cut 1.4 million barrels per day of total production from 2024.
Saudi Arabia will cut production significantly from July on top of a wider cut agreed to in OPEC+ to curb supplies until 2024 as the group seeks to spur oil prices down.
In a statement by the OPEC+ group, it was revealed that the members of the alliance will reduce the target level of production for 2024 by 1.4 million barrels from current production targets.
The decision of Saudi Arabia to extend the voluntary reduction in oil production until the end of 2024 was joined by 6 countries, namely: (Russia, Iraq, the Sultanate of Oman, the Emirates, Algeria and Kuwait).
And an official source at the Saudi Ministry of Energy said that as a precautionary measure, the Kingdom will extend a voluntary production cut of 500,000 bpd until the end of December 2024 in agreement with some countries participating in OPEC+. ” agreement.