The world's biggest oil exporters, Russia and Saudi Arabia, said in a joint statement that all OPEC+ members should follow through on agreed-upon output cuts for the good of the global economy.
This came after a hastily set up meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman in Riyadh. The statement emphasized the two countries and OPEC+ countries' successful coordination in stabilizing global oil markets.
The necessity of continuing this collaboration and encouraging all participating countries to adhere to the OPEC+ agreement, which serves the interests of both producers and consumers while boosting global economic growth, was emphasized. The Kremlin announcement used the word "join" in Russian, whereas the English translation used the word "adhere" to the pact.
The call for output cutbacks to be united appeared to be geared at OPEC+ countries that had not made significant cuts, with Iran being specifically excluded due to US sanctions. The joint statement emphasized the importance of its members' commitment to the OPEC+ accord.
The visit also included discussions on a variety of geopolitical problems, including the wars in Gaza, Ukraine, and Yemen, Iran's nuclear program, and the expansion of defense cooperation. Despite the mystery surrounding Putin's abroad travel, the coordinated efforts to preserve oil market stability highlighted the essential role that both Russia and Saudi Arabia play as major actors in global energy markets. The leaders underlined their willingness to meet again, emphasizing the importance of their good relations.
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