Saudi Arabia and Russia, the world’s leading oil exporters, have jointly urged all OPEC+ members to rally behind an agreement on output cuts for the greater good of the global economy.
This appeal comes on the heels of a joyous meeting of the producers’ club and follows a hastily arranged visit by Russian President Vladimir Putin to Riyadh to meet with Saudi Crown Prince Mohammed bin Salman.
The Kremlin released a joint Russian-Saudi statement detailing the outcomes of the discussions between President Putin and Crown Prince Mohammed bin Salman.
The statement highlighted the close cooperation between the two nations in the field of energy and acknowledged the successful efforts of OPEC+ countries in stabilizing global oil markets.
It specifically emphasized the importance of continuing this collaboration, calling for all participating countries to adhere to the OPEC+ agreement.
The joint statement underscored the shared commitment to the stability of global oil markets and stressed the significance of cooperation that serves the interests of both producers and consumers while supporting the growth of the global economy.
The Russian version of the statement used the term “join,” while the English translation released by the Kremlin used the word “adhere” to describe the call for OPEC+ members to commit to the group’s agreement.
Saudi state news agency SPA reported that during their meeting, Crown Prince Mohammed bin Salman and President Putin emphasized the imperative for OPEC+ members to fully commit to the group’s agreement. This unified stance from the two major oil-producing nations signals a concerted effort to promote stability and cooperation within the OPEC+ cooperation, particularly following recent discussions that revealed internal differences.
As the global energy landscape continues to evolve, the joint call by Saudi Arabia and Russia serves as a diplomatic push for harmony within OPEC+, aiming to address challenges and ensure the sustained stability of oil markets for the benefit of both producers and consumers alike.
