Russia, Saudi discuss efforts to maintain oil markets’ stability

Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman discussed ways to ensure stability of the global oil markets, within the framework of OPEC+.

The Kremlin said in a statement that the leaders also discussed developing bilateral cooperation in the political, trade, economic and energy fields.

The discussions come as the European sanctions on Russian oil enter a new phase, where imports of Russian oil derivatives transported by sea will be banned from entering most European Union countries from 5 February.

The EU ban may push Russia to reduce production, while members of the bloc look for other suppliers to meet their fuel needs.

Russia is the third largest producer of crude oil in the world, producing about 11 million barrels per day and exporting nearly five million barrels of crude per day and about three million barrels of oil derivatives.

READ: OPEC+ seen sticking with oil output policy at 1 February meeting – delegates