“Putin and MbS Affirm OPEC+ Success in Riyadh Meeting, Urge Unwavering Commitment to Global Oil Stability”
MOSCOW: In a united front, Saudi Arabia and Russia, the world’s top oil exporters, issued a joint statement urging all OPEC+ members to commit to output cuts for the global economy’s well-being. The call for collaboration comes in the wake of a recent OPEC+ meeting marked by tensions among members.
Following a hastily arranged meeting in Riyadh between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, a joint statement was released emphasizing the success of OPEC+ efforts in stabilizing global oil markets. The leaders stressed the importance of continued cooperation and the need for all participating countries to adhere to the OPEC+ agreement, supporting both producers and consumers while fostering global economic growth.
The statement, released by the Kremlin, used the term “join” in Russian, while the English translation employed the word “adhere” to the OPEC+ agreement. The explicit nature of the call appeared to target specific oil-producing nations.
During the meeting, the need for OPEC+ members to commit to the group’s agreement was highlighted. Sources in the oil market noted that the public remark from the Kremlin and Saudi Arabia suggested a direct message to certain oil powers.
As Russian President Putin continued his overseas trip, which included a meeting with Iranian President Ebrahim Raisi in Moscow, the purpose of his rare visit to Riyadh and Abu Dhabi remained unclear.
The discussions between Putin and Crown Prince MbS covered various global issues, including conflicts in Gaza, Ukraine, and Yemen, the Iranian nuclear program, and plans for deepening defense cooperation.
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OPEC+, responsible for over 40% of the world’s oil production, faced delays in its recent meeting due to disagreements with African producers. The decision to implement output cuts led to a drop in oil prices, indicating market expectations for more decisive action from OPEC+.
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