×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: vladimir putin | oil | prices | supply | saudi arabia | Mohammed bin Salman

Putin, Crown Prince Urge OPEC+ to Join Oil Cuts

Thursday, 07 December 2023 08:31 AM EST

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman called for all OPEC+ members Thursday to join an agreement on oil output cuts, saying they were for the good of producers and the broader global economy.

Putin held a hastily arranged meeting in Riyadh with the Saudi crown prince Wednesday after a pledge by OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, to further cut output.

"We awaited you in Moscow," Putin told the crown prince, in Riyadh with a smile.

"I know that events forced a correction to those plans but as I have already said nothing can prevent the development of our friendly relations."

Putin then said: "But the next meeting should be in Moscow."

The crown prince said through a Russian translator he was of course ready to do that.

"Then we are agreed," Putin said.

The crown prince praised joint coordination between the two countries "that helped remove tensions in Middle East," the Saudi state news agency SPA said.

He said the two countries shared many interests and said they were working for the benefit of Russia, the Kingdom and the entire Middle East and wider world.

Hours after Putin's face-to-face talks with the Saudi crown prince, the Kremlin released a joint statement detailing wide-ranging talks between them on oil, OPEC+, the wars in Gaza and Ukraine and even Iran's nuclear program.

"In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets," the statement released by the Kremlin said.

Saudi Arabia and Russia are the world's biggest oil exporters.

"They stressed the importance of continuing this cooperation, and the need for all participating countries to join to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy," the statement, which was in Russian, added.

The Russian version used the word "join" while an English translation of the statement, also released by the Kremlin, used the word "adhere" to the OPEC+ agreement.

The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after last week's meeting. But not all OPEC+ members agreed to extend or deepen the voluntary oil cuts.

After the OPEC+ meeting, Saudi Arabia agreed to extend voluntary oil output cuts of 1 million barrels per day (bpd) into the first quarter, while Russia said it would continue to curb oil exports by 300,000 bpd and additionally reduce its fuel exports by 200,000 bpd in January — March.

OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela and expanded to 13 members. In 2016, OPEC signed an agreement with 10 other oil producers, including Russia, to create OPEC+.

Russia and Saudi have coordinated supply cuts, both as part of OPEC+ and with side agreements, to support oil prices in recent years.

© 2024 Thomson/Reuters. All rights reserved.


GlobalTalk
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman called for all OPEC+ members Thursday to join an agreement on oil output cuts, saying they were for the good of producers and the broader global economy.
vladimir putin, oil, prices, supply, saudi arabia, Mohammed bin Salman
497
2023-31-07
Thursday, 07 December 2023 08:31 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved