Russian President Vladimir Putin in a telephone conversation with Crown Prince Mohammed Bin Salman Al Saud of Saudi Arabia, initiated by the Saudi side, discussed bilateral cooperation, including joint work in the OPEC+ format, the Kremlin's press service reports on Tuesday.
"The sides positively assessed the level of bilateral relations and expressed mutual intention to further develop Russian-Saudi cooperation in various areas. They exchanged in detail their views on the current situation in the world energy market and emphasized the importance of continuing joint work, including in the OPEC Plus format," the report said.
The agreement of the OPEC+ countries entered into force on May 1 in an updated form, which implied a reduction of oil production by 9.7 million b/d by the alliance countries during May-July. Russia and Saudi Arabia, according to the agreement, reduced oil production by equal shares - 2.5 million b/d from the base level of 11 million b/d. The agreements will be valid for two years, but from August to December 2020, 7.7 million b/d already falls under the reduction within the alliance, and from January 2021 to the end of April 2022 - 5.8 million b/d. The parameters of the deal may be revised in December 2021.
GSV "Russia - Islamic World"
Photo: official website of the President of the Russian Federation
Based on materials from TASS