“Saudi Arabia and Russia unite for global oil market stability.”
Saudi Arabia and Russia, the two largest oil exporters globally, have united in their call for all OPEC+ members to participate in an agreement aimed at cutting oil output for the betterment of the global economy. This joint declaration came shortly after a somewhat tense gathering within the producers’ club.
Following Russian President Vladimir Putin’s impromptu visit to Riyadh to meet Saudi Crown Prince Mohammed bin Salman, a joint Russian-Saudi statement was issued by the Kremlin. The statement commended the cooperation between the two nations and emphasized the success of OPEC+ in stabilizing global oil markets through voluntary cuts, urging all participating countries to join the agreement in a manner that serves the interests of both producers and consumers while supporting global economic growth.
While the Russian version of the statement used the word “join,” an English translation employed the term “adhere” to the OPEC+ agreement. This emphasis on membership appeared to target OPEC+ members who had not made sufficient cuts, notably Iran, a significant OPEC member excluded from recent cuts due to enduring U.S. sanctions.
Putin’s overseas trip held discussions not only with Saudi Arabia but also with Iranian President Ebrahim Raisi in Moscow, covering a range of geopolitical issues including conflicts in Gaza, Ukraine, and Yemen, as well as the Iranian nuclear program and defense cooperation.
The talks between Putin and MbS underlined the shared interest in maintaining high oil prices, crucial for their respective economies. The importance of their alliance was evident as both leaders affirmed their commitment to future meetings, with Putin suggesting the next encounter to be held in Moscow, a proposal to which MbS readily agreed.
This display of unity between Saudi Arabia and Russia carries significant weight in the context of global oil markets and geopolitics, signaling their determination to rally OPEC+ members toward sustaining stability and favorable oil prices for their economies’ benefit.
