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Putin and the Prince of Saudi Arabia discussed restrictions on oil production

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Russian President Vladimir Putin and Saudi crown Prince Mohammed bin Salman al Saud held a telephone conversation, during which they agreed to closely coordinate the energy ministries of the two countries on the issue of limiting oil production. This was announced on Wednesday, May 27.

“The exchange of views on the situation on the world energy market continued. Both sides noted the importance of joint efforts to reach agreements in the OPEC plus format in April [this year] on limiting oil production,” the report said.

It is also noted that the parties discussed a number of bilateral issues related to the results of the Russian leader’s visit to Riyadh in October last year.

During the conversation, Putin congratulated Mohammed bin Salman al Saud on the Eid al-Fitr holiday.

On the eve of the press Secretary of the Russian President Dmitry Peskov said that the Kremlin positively assesses the effect of the OPEC + deal. According to him, thanks to the agreement, it is possible to avoid a negative and collapse of the situation in the energy markets.

In early March, oil prices collapsed due to a reduction in global demand.

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The reasons were the failure of the OPEC + deal and the coronavirus pandemic. On April 12, OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in may–June this year, by 7.7 million in the second half of the year and by 5.8 million further until the end of April 2022.

The agreement came into force on May 1 this year. In December 2021, its parameters may be revised.

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