Putin and the Saudi Crown Prince discussed joint action within the framework of OPEC +, Kremlin

4/16/2022 6:30:31 PM
 Putin high fives Saudi Crown Prince at G20 summit in Argentina.
Saudi Arabia, along with Russia, leads the "OPEC Plus" alliance to ensure stable oil supplies.

The Kremlin announced on Saturday that Russian President Vladimir Putin, with Saudi Crown Prince Mohammed bin Salman, discussed a joint positive work in the framework of OPEC +.

The Kremlin stated that Putin and the Saudi crown prince exchanged views on the situation in Ukraine and Yemen, Reuters reported.

The sanctions imposed by Western countries on Russia increase energy prices and destabilize oil supplies.

Russian supplies represent about 40% of European gas needs, while about 2.3 million barrels of Russian crude travel west every day through a network of pipelines.

Saudi Arabia, along with Russia, leads the "OPEC Plus" alliance, which includes 13 members of the Organization of Petroleum Exporting Countries (OPEC) and ten outside the organization to ensure stable oil supplies. The organization has resisted US pressure to increase production to lower prices.

The "OPEC +" meeting on March 31 concluded that there was no need to change the current production plans and agreed to raise the group's production ceiling by another 432,000 barrels per day, starting from May.

The group's decision is broadly in line with market expectations. The JMMC's Joint Ministerial Follow-up Committee meeting lasted less than 20 minutes to agree on this recommendation.

Geopolitical developments related to the war in Ukraine pushed oil prices to record levels, the highest since 2008.

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