Putin, Saudi crown prince discuss OPEC+ decision

Russia’s President Vladimir Putin (R) and Saudi Arabia’s Crown Prince Mohammed Bin Salman in Buenos Aires, on 30 November 2018 [LUDOVIC MARIN/AFP/Getty Images]

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Friday discussed OPEC+ decision to cut oil production, in a phone talk on Friday.

“The issues related to the OPEC+ talks on reducing oil production were discussed,” the Kremlin said in a statement.

The two leaders agreed to continue talks on the subject, it added.

On Thursday, oil producers in the OPEC+ group agreed to curb their total oil output by 10 million barrels per day (bpd) from May 1 until June 30 — much less than the market expectation of 15-20 million bpd.

OPEC+ is a group of 24 oil-producing nations, comprising 14 OPEC members, and 10 other non-OPEC members including Russia.

OPEC was formed in 1960 to reduce competition between member nations and to control prices.

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