Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed further cooperation on oil prices on Wednesday, as members of OPEC+, a Kremlin spokesperson was quoted as saying. The meeting took place after a fall in oil prices despite an OPEC+ pledge to cut output further.
The two leaders had the hastily arranged talks hours after the Kremlin leader visited Saudi Arabia’s Gulf neighbor, the United Arab Emirates. Cooperation within OPEC+ was among the topics discussed, with both parties agreeing that their countries bear a great responsibility for interaction in order to maintain the international energy market at the proper level in a stable, predictable state.
The meeting between Putin and MbS, as the crown prince is widely known, came days after an OPEC+ meeting was delayed over disagreements. Their discussions also included the Israeli-Hamas conflict and Ukraine, with the Saudi Crown Prince praising the joint coordination between the two countries that helped remove tensions in the Middle East.
Both Putin and MbS, who together control one-fifth of the oil pumped each day, have long enjoyed close relations, though both have at times been ostracized by the West. Putin has rarely left Russia since sending troops into Ukraine in February 2022, making this rare foreign trip significant.
The next meeting should take place in Moscow, according to Putin, who also expressed gratitude to Sheikh Mohammed Bin Zayed Al Nahyan for the invitation. Putin is also scheduled to host Iranian President Ebrahim Raisi in Moscow on Thursday.
For both Russia and Saudi Arabia, high oil prices are essential, and the question of how much of the burden each should take on to keep prices aloft, as well as how to verify their contributions, remains a key point of discussion. Despite tensions and disagreements at times, both countries have managed to maintain their cooperation within OPEC+.
Overall, the meeting between Putin and MbS reflects the continued importance of cooperation between Russia and Saudi Arabia within OPEC+ in managing global oil markets and addressing regional conflicts.