Vladimir Putin and Saudi crown prince talk oil, just days after Joe Biden’s Middle East trip
- The conversation highlights the kingdom’s importance to both Russia and the US, as the Ukraine war roils global energy markets
- Biden’s visit had ended without any announcement that Saudi Arabia would raise oil production to bring down fuel prices
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman spoke by phone on Thursday and underlined the importance of further cooperation within the OPEC+ group of oil producers, the Kremlin said.
The conversation took place six days after US President Joe Biden visited the prince in Saudi Arabia – highlighting the kingdom’s importance to both Washington and Moscow at a time when Russia’s war in Ukraine is roiling global energy markets.
On June 2, OPEC+, which brings together the Organization of the Petroleum Exporting Countries with other producers led by Russia, agreed on a larger-than-expected rise in output, a step welcomed by Biden after the United States had called for more supply.
Sources told Reuters that Saudi Arabia consulted closely with Russia before pushing for the production hikes.
Riyadh wants to keep Russia on board to increase leverage in the oil market, while Moscow gains from being part of OPEC+ at a time when the West is trying to strangle its economy with sanctions over the war.
“The current situation on the world oil market was considered in detail. The importance of further coordination within the framework of OPEC+ was emphasised,” the Kremlin said in a readout of the call.