Putin meets with the Saudi crown prince who hosted Biden last week

According to the Kremlin, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman had a phone conversation on Thursday (July 21) and discussed the significance of continuing to work together within the OPEC+ group of oil producers. Both leaders emphasized the importance of furthering cooperation within the group.

The conversation took place six days after US President Joe Biden visited the prince in Saudi Arabia, highlighting the importance of the kingdom to both Washington and Moscow at a time when Russia’s war in Ukraine is roiling global energy markets. The conversation also took place six days after US President Joe Biden visited the prince in Saudi Arabia.

After the United States made a request for more supply, the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia reached an agreement on June 2 to increase production by a greater amount than was anticipated. President Joe Biden expressed his satisfaction with this step.

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According to sources who spoke with Reuters, Saudi Arabia held extensive discussions with Russia before pushing for the production increases.

Moscow benefits from being a part of OPEC+ at a time when the West is seeking to strangle its economy with sanctions over the war, and Riyadh wants to keep Russia on board to boost its clout in the oil market.

“We gave much thought to the state of affairs on the international oil market at the moment. It was emphasized how important it was for there to be additional collaboration within the framework of OPEC+,” according to a readout of the call provided by the Kremlin.

“It was noticed with satisfaction that the nations who are participating in this format are regularly fulfilling their duties in order to preserve the required balance and stability in the global energy market.”

The president’s journey to the Middle East came to an end last week without any statement that the kingdom will increase oil output to bring down fuel costs, which are contributing to the highest level of inflation in the United States in four decades.

Prince Faisal bin Farhan Al Saud, the Saudi Foreign Minister, stated that oil was not discussed at a US-Arab summit that took place on Saturday, and that OPEC+ would continue to analyze market conditions and take whatever actions are necessary. The next gathering of the production group is scheduled for August 3rd.