Kremlin: Putin, Saudi Crown Prince Satisfied With Coordination Within OPEC+

MOSCOW (Sputnik) - Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have expressed satisfaction with the level of coordination within OPEC+ for the stability of the global oil market during a phone conversation, the Kremlin said on Friday.

The two held a phone conversation earlier in the day at the initiative of Riyadh, the Kremlin said in a statement.

"A number of topical issues on the bilateral agenda were considered with an emphasis on the further expansion of mutually beneficial ties in the trade, economic, investment and energy fields. Satisfaction was expressed with the level of coordination within the framework of OPEC+ in order to ensure the stability of the world oil market," the statement read.

The sides also discussed prospects for cooperation between Saudi Arabia and the BRICS association, as well as the situation in the Middle East and settlement of crisis situations in this region, the Kremlin added.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a decrease in oil demand caused by the COVID-19 pandemic measures. In August 2022, the alliance started the final stage of canceling the cuts, but in November it cut the production once again by 2 million barrels per day from the maximum possible level of August. This decision is valid until the end of 2023.