Putin and Saudi Crown Prince have a phone conversation regarding oil, Mohammed | Crown Prince | Putin
According to Reuters, the Kremlin announced that Russian President Putin had a phone conversation with Saudi Arabian Crown Prince and Prime Minister Mohammad bin Salman on June 7th. Putin and Crown Prince Mohammed highly praised the cooperation between the two countries in the "OPEC+" mechanism.
According to reports, a statement released by the Kremlin stated that Putin and Crown Prince Mohammed had a detailed discussion on "ensuring the stability of the world energy market.".
The statement also said, "Both sides highly value the cooperation in the 'OPEC+' mechanism, which enables timely and effective measures to be taken to ensure a balance between oil supply and demand."
The statement also mentioned the importance of the recent agreement reached by the "OPEC+" mechanism, according to the report.
On the 4th, OPEC announced that the ministerial meeting of OPEC and non OPEC oil producing countries held that day had decided to adjust the daily crude oil production quota of member countries from 41.856 million barrels from November 2022 to December 2023 to 40.46 million barrels from January to December 2024.
In addition, the Saudi Ministry of Energy announced on the same day that Saudi Arabia will reduce production by an additional 1 million barrels per day in July. Saudi Energy Minister Abdul Aziz bin Salman has stated that all necessary measures will be taken to ensure market stability.
In addition, according to the Sputnik News Agency of Russia, Putin and Crown Prince Mohammed also discussed measures to strengthen bilateral economic and trade relations and carry out cooperation projects in the "investment, transportation, logistics and energy fields" on the 7th.