The talks between President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman come as Russia was said to be determined to start easing oil-output cuts in July, as agreed by OPEC+ in April.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…98 Views | the publication reaches you by | Saudi Arabia Today
“It’s certainly a positive development,” said Mohammad Darwazah, an analyst at consultant Medley Global Advisors.
“The question is what, if any, details were agreed. It does, however, bode well for the next OPEC+ meeting that Saudi and Russia appear to be on the same page.”
Russia and Saudi Arabia are taking the biggest share of the OPEC+ curbs, and the kingdom has pledged to reduce its production more than required under the agreement next month. Saudi Arabia’s move was followed by fellow Gulf OPEC members Kuwait and the United Arab Emirates, and there has been speculation about whether Russia would do the same.
Kremlin spokesman Dmitry Peskov said on Tuesday that the country would analyze the global oil market before deciding on any potential changes in the OPEC+ agreement.
Moscow and Riyadh have had similar calls in the lead up to previous OPEC+ meetings. Putin and bin Salman exchanged views about the situation in the world energy market, the Kremlin said in a statement on Wednesday. They “noted the importance of joint efforts” and agreed the nations’ energy ministries would closely coordinate.
The project for the design, engineering and procurement of the new 400,000m3/day Jubail II seawater reverse osmosis (SWRO)…197 Views | the publication reaches you by | Saudi Arabia Today
Do you have information you want to reach our readers?