Vladimir Putin, Mohammed bin Salman urge all OPEC+ powers to join oil cuts

Saudi Arabia and Russia, the top two global oil exporters, jointly urged all OPEC+ members on Thursday to endorse an agreement on output cuts for the benefit of the global economy. This call comes shortly after a tumultuous meeting among the members of the producers’ club. Following a hastily arranged meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman in Riyadh, a joint Russian-Saudi statement was released by the Kremlin detailing the outcome of their discussions. The Kremlin revealed that discussions between Putin and Crown Prince Mohammed bin Salman also covered conflicts in Gaza, Ukraine, and Yemen, as well as the Iranian nuclear program and the deepening of defense cooperation. Putin and Crown Prince Mohammed bin Salman, who jointly control a fifth of global daily oil production, were portrayed in a positive light during their meeting, showcasing smiles and an enthusiastic handshake. According to the Saudi state news agency SPA, during their meeting, Crown Prince Mohammed bin Salman and Putin emphasised the commitment of OPEC+ members to the group’s agreement. According to Reuters report, the explicit mention of “joining” cuts in the statement seemed to be a targeted message directed at specific oil powers. Last week, the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed to new voluntary cuts amounting to around 2.2 million barrels per day (bpd). This move was spearheaded by Saudi Arabia and Russia, who extended their voluntary cuts of 1.3 million bpd. The Kremlin statement emphasised the close collaboration and successful efforts of OPEC+ countries in stabilising global oil markets, highlighting the importance of ongoing cooperation. It stressed the necessity for all participating countries to adhere to the OPEC+ agreement in a manner that serves the interests of both producers and consumers while supporting global economic growth. With inputs from Reuters