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IPFS News Link • Russia

Putin, Saudi Prince Vow To Continue OPEC+ Cooperation

• https://www.zerohedge.com, by Tsvetana Paraskova

Since the start of the war in Ukraine, OPEC and the OPEC+ group have not publicly commented on the invasion.

Despite the turmoil in the global oil and energy markets following Russia's invasion of Ukraine, OPEC+ publicly presents a unified stance.

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed this weekend their countries' cooperation in the OPEC+ oil production pact in their second telephone call since Russia's invasion of Ukraine.

Russia is a key partner to OPEC's largest producer and de facto leader, Saudi Arabia, in the OPEC+ alliance, which has been working for years to manage oil supply to the market. And it looks like Russia will continue to be such, despite Putin's invasion of Ukraine.  

Since the start of the war in Ukraine, OPEC and the OPEC+ group have not publicly commented on the invasion, limiting themselves to saying that the market is currently run by "geopolitical events" or "the geopolitical tensions in Eastern Europe," not by fundamentals. 

The Saudi and Russian leaders "gave a positive assessment" of Saudi Arabia and Russia's cooperation in the OPEC+ group during the phone call on Saturday, according to a statement from the Kremlin.

The Saudi Press Agency (SPA), for its part, said that the Saudi Crown Prince had received a call from Putin in which "bilateral relations between the two countries and ways of enhancing them in all fields in a way that achieves the interests of the two countries and their friendly peoples were discussed." 

"For his part, HRH the Crown Prince asserted the support of the Kingdom of Saudi Arabia for efforts that would lead to a political solution to the crisis in Ukraine and achieve security and stability," the Saudi agency reported.


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