Putin and Saudi Crown Prince Mohammed bin Salman spoke about rising oil prices and the war in Ukraine
Russian President Vladimir Putin and Saudi Arabian Crown Prince Mohammed bin Salman spoke by phone this Saturday (April 16, 2022). They assessed the cooperation between the countries of OPEC+ (Organization of Petroleum Exporting Countries and their allies) as “positive”.
According to a Kremlin statement, Putin and Salman also discussed the crises in Ukraine and Yemen. “Mutual willingness to develop beneficial relations between Russia and Saudi Arabia was expressed,” he said. Details of the topics discussed were not given.
Russia, Saudi Arabia and other major oil producers are negotiating a deal to stem the fall in per barrel prices due to the Covid19 pandemic.
The war in Ukraine has also impacted the price of the commodity, as the region accounts for a large chunk of world oil production and Russia is one of the main suppliers.
Last Tuesday (April 12), OPEC reduced its estimate of increased global oil demand in 2022 to 3.7 million barrels per day. The number represents a drop of 500,000 barrels per day from the previous forecast.
According to the organization, the revision reflects lower growth expectations for the global economy in 2022 given the impact of the war between Russia and Ukraine. Here is the full report (2 MB).