Putin discusses OPEC+ deal in call with Saudi Crown Prince

Russian President Vladimir Putin discussed the OPEC+ deal to cap oil production with the Crown Prince of Saudi Arabia, Mohammed bin Salman, in a telephone call on Friday, the Kremlin said, reports Reuters.

The two expressed satisfaction with the level of cooperation between the two countries to bring stability to the global oil market, the Kremlin said in a readout of the call.

Putin and the Crown Prince, who is widely known as MbS, have also forged close business relations.

“The conversation proceeded in a friendly manner, was constructive and informative. With this in mind, it was agreed to build up contacts in specific areas of cooperation,” the Kremlin said.

The Organisation of the Petroleum Exporting Countries (OPEC) and its kingpin Saudi Arabia, the world’s largest oil producer, in 2016 forged an alliance known as OPEC+ with other big producers led by Russia, to closely interact on the oil market.

Earlier this month, OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day in a surprise move.

READ: Why is OPEC cutting oil output?