Saudi Crown Prince, Russia’s Putin agree on efforts for energy markets’ stability

Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin agreed on Wednesday to continue their efforts towards the stability of energy markets, the Saudi Press Agency (SPA) said on Wednesday.

In a phone call, the two leaders “reviewed the distinguished bilateral relations between the two countries and opportunities for developing them in various fields,” SPA said.

They also discussed other topics including the “recently held BRICS summit and the Kingdom’s keenness to build economic partnerships and its aspiration to cooperate with the BRICS countries,” SPA added.

Earlier on Wednesday, the Kremlin said that Putin had spoken by phone with MBS, and that recent agreements on supply cuts had ensured stability on global energy markets.

The global leaders in oil production, Saudi Arabia and Russia, on Tuesday announced the extension of voluntary oil supply cuts to the end of the year, despite a rally in the oil market and analyst expectations of tight supply in the fourth quarter.

Russia will roll over its decision to reduce oil exports by 300,000 barrels per day, while Saudi Arabia will extend its voluntary oil output cut of 1 million bpd.

Kremlin said the leaders had been highly satisfied with cooperation between their countries within the framework of the OPEC+ group of leading oil producers.

“It was noted that the agreements reached on reducing oil production, combined with voluntary commitments to limit the supply of the commodity, make it possible to ensure the stability of the global energy market,” the Kremlin said in a readout of the call.

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