Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman praised joint efforts to stabilize the global oil market as they discussed bilateral and OPEC+ cooperation.
(Bloomberg) — Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman praised joint efforts to stabilize the global oil market as they discussed bilateral and OPEC+ cooperation.
The two key oil producers, crucial members of the alliance between the Organization of Petroleum Exporting Countries and its allies, have recently been moving in lockstep when determining their oil supplies to the global market.
On Tuesday, Saudi Arabia and Russia prolonged their unilateral oil supply curbs through year-end, a more aggressive move than traders had expected. The Gulf kingdom will continue its production cutback of 1 million barrels a day until December, while Russia’s oil-export export reduction of 300,000 barrels a day will be extended for the same duration.
“The cooperation between the two countries in the OPEC+ format was highly assessed,” the Kremlin said in a statement, after Putin and the Saudi Crown Prince spoke by phone on Wednesday. Both “agreed to continue personal contacts,” it said.
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