Moscow: Russian President Vladimir Putin is scheduled to meet with President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi and subsequently hold his first face-to-face discussion with Saudi Crown Prince Mohammed bin Salman (MbS) since October 2019. This summit between Putin and MbS, representing nations responsible for a fifth of global oil production, follows a decline in oil prices. Despite the OPEC+ alliance's commitment to reducing oil supply, prices have continued to drop.
The Kremlin announced that discussions during these meetings would primarily focus on energy cooperation, particularly within the framework of OPEC+. The OPEC+ coalition, comprising countries responsible for over 40% of the world's oil output, seeks to ensure stability and predictability in the global oil market through close coordination between Russia and Saudi Arabia.
Tensions between Saudi Arabia and Russia within the OPEC+ collaboration have surfaced in the past, notably in March 2020 during the onset of the COVID-19 pandemic. At that time, Saudi Arabia lowered oil prices for its customers, and Russia declared its intention to disregard production quotas. However, after a brief period of strain, the two nations reconciled their differences. Consequently, OPEC+ agreed to implement significant cuts amounting to nearly 10% of global oil demand to support the struggling oil markets.
In October of the same year, Putin commended MbS and affirmed that in case of any discrepancies concerning the extension of OPEC+ production cuts, the Kremlin would prioritize seeking consensus.
On a rare overseas visit, Russian President Vladimir Putin will meet with Crown Prince Mohammed bin Salman of Saudi Arabia on Wednesday while in the United Arab Emirates and Saudi Arabia. They will talk about oil, OPEC+, the crises in Gaza and Ukraine.
The Kremlin stated that they will also talk about Yemen, Syria, Israel's war against Hamas in the Gaza Strip, and more general concerns about Gulf stability. Ukraine will be discussed as well, according to a Kremlin aide.Russian President Vladimir Putin is scheduled to meet with President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi and subsequently hold his first face-to-face discussion with Saudi Crown Prince Mohammed bin Salman (MbS) since October 2019. This summit between Putin and MbS, representing nations responsible for a fifth of global oil production, follows a decline in oil prices. Despite the OPEC+ alliance's commitment to reducing oil supply, prices have continued to drop.
The Kremlin announced that discussions during these meetings would primarily focus on energy cooperation, particularly within the framework of OPEC+. The OPEC+ coalition, comprising countries responsible for over 40% of the world's oil output, seeks to ensure stability and predictability in the global oil market through close coordination between Russia and Saudi Arabia.
Tensions between Saudi Arabia and Russia within the OPEC+ collaboration have surfaced in the past, notably in March 2020 during the onset of the COVID-19 pandemic. At that time, Saudi Arabia lowered oil prices for its customers, and Russia declared its intention to disregard production quotas. However, after a brief period of strain, the two nations reconciled their differences. Consequently, OPEC+ agreed to implement significant cuts amounting to nearly 10% of global oil demand to support the struggling oil markets.
In October of the same year, Putin commended MbS and affirmed that in case of any discrepancies concerning the extension of OPEC+ production cuts, the Kremlin would prioritize seeking consensus.
Vladimir Putin Orders Russian Military to Add Troop Numbers by 170,000
