The need of continued collaboration within the OPEC+ group of oil producers was stressed during a phone conversation between Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin on Thursday, according to the Kremlin.
Six days prior, U.S. Vice President Joe Biden paid a visit to the prince in Saudi Arabia, underscoring the importance of the country to both Washington and Moscow at a time when Russia’s conflict in Ukraine is causing turbulence on the world energy markets.
After the United States requested more supply, OPEC+, which consists of the Organization of the Petroleum Exporting Countries and other producers led by Russia, agreed on a larger-than-expected increase in output on June 2. Biden applauded this decision.
Reuters was informed by sources that Saudi Arabia closely coordinated the production increases with Russia.
Moscow benefits from being a part of OPEC+ at a time when the West is seeking to strangle its economy with sanctions over the war, and Riyadh wants to keep Russia on board to boost its clout in the oil market.
‘The state of the global oil market today was carefully examined. The significance of additional collaboration within the OPEC+ framework was highlighted,’ according to a readout of the call from the Kremlin.
The fact that the nations taking part in this format constantly uphold their commitments to preserve the essential stability and balance of the global energy market was observed with satisfaction.
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