Saudi Crown Prince, Putin discuss OPEC+ cooperation for oil market stability: Kremlin

Saudi Arabia’s Crown Prince Mohammed bin Salman discussed in a phone call with Russian President Vladimir Putin cooperation within the OPEC+ group countries to maintain the stability of the oil market, the Kremlin said on Monday.

Ministers of OPEC+ (the Organization of Petroleum Exporting Countries and allies led by Russia) are scheduled to hold a virtual meeting on February 1, known as the Joint Ministerial Monitoring Committee (JMMC).

OPEC+ delegates told Reuters that the JMMC panel was highly likely to recommend maintaining the current oil output policy.

OPEC+ oil output targets last year, which led to a disagreement between the US and Saudi Arabia. However, Saudi Foreign Minister Prince Faisal bin Farhan, pointed earlier this month that the current oil price stability in the market showed that that the Kingdom made the right decision.

However, there remains a factor of uncertainty when it comes to how supply will be impacted with the recent Western sanctions on Russia’s oil industry imposed over Moscow’s war on Ukraine, as well as the price caps introduced on Russian products in December.

The Kremlin added, that the Crown Prince and Putin also discussed further development of bilateral cooperation in the political, trade, economic and energy fields.