The Crown Prince and Putin discuss the global oil market by phone
Saudi Crown Prince Mohammed
bin Salman and Russian President Vladimir Putin spoke by phone on Thursday and
stressed the importance of increasing cooperation within the OPEC framework.
The conversation, which came
six days after US President Joe Biden met the crown prince in Saudi Arabia,
shows how important the kingdom is to both Washington and Moscow at a time when
Russia's war in Ukraine is roiling global energy markets.
OPEC, which includes the
Organization of the Petroleum Exporting Countries with a group of other
producers led by Russia, agreed on June 2 to increase production by a larger
amount than expected, a move welcomed by Biden as the United States called for
increased supplies.
Saudi Arabia held
consultations with Russia before it pushed for increased production.
Engagement with Russia will
continue to increase influence in the oil market, while Moscow benefits from
being a member of OPEC, at a time when the West is trying to stifle its economy
with sanctions imposed on it due to the war in Ukraine.
"The current situation in
the world oil market was discussed in detail. The importance of increasing
cooperation within the framework of OPEC was emphasized," the Kremlin
said.
Saudi Foreign Minister Prince
Faisal bin Farhan Al Saud said that the oil issue was not discussed at the
Arab-American summit that was held last Saturday, and that OPEC will continue
to assess market conditions and do what is necessary. The group is scheduled to
meet again on August 3.
Source: Reuters
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