08.06.2023, 08:37
Putin held a telephone conversation with the Crown Prince of Saudi Arabia
Source: OREANDA-NEWS
OREANDA-NEWS President Vladimir Putin spoke by phone with Crown Prince of Saudi Arabia Mohammed Bin Salman Al Saud. They discussed cooperation in trade, economy and energy, as well as joint steps within the framework of OPEC+. The transcript of the conversation is given by the Kremlin's press service.
"Both sides highly appreciated the level of cooperation within OPEC+, which allows taking timely and effective steps to maintain the balance of supply and demand for oil. The importance of the agreements reached during the recent ministerial meeting in Riyadh in this regard was noted," the message reads.
On June 4, OPEC+ agreed to adjust the aggregate level of oil production to 40.46 million b/d from 2024. The deal was extended until 2025 (its term expired at the end of 2023). Deputy Prime Minister Alexander Novak said that this decision was made jointly with all OPEC+ members and that there were no disputes between Russia and Saudi Arabia.
On May 28, The Wall Street Journal newspaper, citing sources familiar with the matter, reported that the Saudi authorities are unhappy that Russia has reduced oil production less than declared under the OPEC+ agreement.
In April, several OPEC+ countries, including Russia and Saudi Arabia, decided to cut oil production after Brent prices fell below $80 per barrel. According to the newspaper, oilmen and traders say that Russia, despite the agreements within OPEC, continues to supply large volumes of oil to the market — which is why its budget revenues are growing, the oversupply of raw materials on world markets is not decreasing, which leads to a 10% drop in prices.
"Both sides highly appreciated the level of cooperation within OPEC+, which allows taking timely and effective steps to maintain the balance of supply and demand for oil. The importance of the agreements reached during the recent ministerial meeting in Riyadh in this regard was noted," the message reads.
On June 4, OPEC+ agreed to adjust the aggregate level of oil production to 40.46 million b/d from 2024. The deal was extended until 2025 (its term expired at the end of 2023). Deputy Prime Minister Alexander Novak said that this decision was made jointly with all OPEC+ members and that there were no disputes between Russia and Saudi Arabia.
On May 28, The Wall Street Journal newspaper, citing sources familiar with the matter, reported that the Saudi authorities are unhappy that Russia has reduced oil production less than declared under the OPEC+ agreement.
In April, several OPEC+ countries, including Russia and Saudi Arabia, decided to cut oil production after Brent prices fell below $80 per barrel. According to the newspaper, oilmen and traders say that Russia, despite the agreements within OPEC, continues to supply large volumes of oil to the market — which is why its budget revenues are growing, the oversupply of raw materials on world markets is not decreasing, which leads to a 10% drop in prices.
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